The December increase in the goods and services deficit reflected an increase in the goods deficit of $7.4 billion to $90.6 billion, an official release said.

The US goods and services deficit was $67.4 billion in December 2022, up by $6.4 billion from $61 billion in November, the US Census Bureau and the Bureau of Economic Analysis said. December exports were worth $250.2 billion, $2.2 billion less than the November figure, and imports were worth $317.6 billion, $4.2 billion more than the November figure.

For 2022, the goods and services deficit was $948.1 billion, up by $103 billion, or 12.2 per cent, from $845.0 billion in 2021. Exports were $3,009.7 billion, up by $453.1 billion, or 17.7 per cent, from the 2021 figure. Imports were $3,957.8 billion, up by $556.1 billion, or 16.3 per cent, year on year.

Average exports decreased by $2.6 billion to $253 billion in December last year and average imports decreased by $4.7 billion to $321.6 billion.

The goods and services deficit with China increased by $3 billion to $22.8 billion in December. Exports to the country decreased by $1 billion to $12.6 billion and imports from there increased by $2 billion to $35.4 billion during the month.

The deficit with Japan increased by $1.6 billion to $7.2 billion in December. Exports to that country decreased by $0.3 billion to $6.2 billion and imports from there increased by $1.3 billion to $13.3 billion during the month.

Fibre2Fashion News Desk (DS)