America’s Trade Deficit Surged in 2022, Nearing $1 Trillion

Container hoisting operations are seen at Huai'an New Port in Huai'an, Jiangsu Province, China, on July 21, 2022. CFOTO/Future Publishing via Getty Images

The U.S. trade deficit hit close to record levels in 2022, nearing a total of $1 trillion.

American consumers continued to spend heavily on foreign-made goods last year, widening the overall trade deficit even further by 12.2 percent, or $103 billion, in 2021.

As of the beginning of the year, the goods and services deficit now stands at a record $948.1 billion, from $845 billion at the end of 2021, the largest total on record.

Large amounts of foreign machinery, medications, industrial supplies and vehicles, were imported into the United States last year, which added to the trade gap, according to data from the Commerce Department on Feb. 7.

US Trade Gap Continued to Expanded in 2022

Exports increased $453.1 billion, or 17.7 percent, while imports increased $556.1 billion, or 16.3 percent.