U.S. trade deficit hits another record high in 2022
The U.S. goods trade deficit reached a record $1.182 trillion in 2022—an increase of $105 billion from the 2021 trade deficit—according to U.S. Census Bureau data released this morning. Below, EPI senior economist Adam S. Hersh offers his initial insights. Read the Twitter thread here.
Industrial supplies (45%) and capital goods (26%) led export growth in 2022, while capital (42%) and consumer goods (30%) and automotive vehicles (20%) led import growth. #trade #data 2/
— Adam S. Hersh (@adamshersh) February 7, 2023
Despite surging fuel prices, US #petroleum imports *fell* in real terms to $325.9b in 2022, or $26b shy of pre-pandemic levels. #trade #data 4/
— Adam S. Hersh (@adamshersh) February 7, 2023
Similarly, the US trade deficit with Canada and Mexico ($212b) and with #IPEF countries ($350b) set new records, widening by 20% over the previous year. #trade #data 6/6
— Adam S. Hersh (@adamshersh) February 7, 2023
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