The U.S. monthly international trade deficit increased in December 2022 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $61.0 billion in November (revised) to $67.4 billion in December, as imports increased and exports decreased. The goods deficit increased $7.4 billion in December to $90.6 billion. The services surplus increased $1.0 billion in December to $23.2 billion.
Exports of goods and services decreased $2.2 billion, or 0.9 percent, in December to $250.2 billion. Exports of goods decreased $2.9 billion and exports of services increased $0.7 billion.
- The decrease in exports of goods reflected decreases in industrial supplies and materials ($3.1 billion) and in consumer goods ($1.0 billion). An increase in foods, feeds, and beverages ($0.7 billion) partly offset the decreases.
- The increase in exports of services reflected increases in travel ($0.4 billion), in transport ($0.1 billion), and in other business services ($0.1 billion).
Imports of goods and services increased $4.2 billion, or 1.3 percent, in December to $317.6 billion. Imports of goods increased $4.5 billion and imports of services decreased $0.3 billion.
- The increase in imports of goods reflected increases in consumer goods ($4.1 billion) and in automotive vehicles, parts, and engines ($2.9 billion). A decrease in industrial supplies and materials ($2.7 billion) partly offset the increases.
- The decrease in imports of services reflected decreases in travel ($0.5 billion) and in transport ($0.1 billion). An increase in charges for the use of intellectual property ($0.2 billion) partly offset the decreases.
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