The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $67.4 billion in December, up $6.4 billion from $61.0 billion in November, revised.

U.S. International Trade in Goods and Services DeficitDeficit:$67.4 Billion+10.5%°Exports:$250.2 Billion–0.9%°Imports:$317.6 Billion+1.3%°Next release: Wednesday, March 8, 2023(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changesSource: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, February 7, 2023

Exports, Imports, and Balance (exhibit 1)

December exports were $250.2 billion, $2.2 billion less than November exports. December imports were $317.6 billion, $4.2 billion more than November imports.

The December increase in the goods and services deficit reflected an increase in the goods deficit of $7.4 billion to $90.6 billion and an increase in the services surplus of $1.0 billion to $23.2 billion.

For 2022, the goods and services deficit increased $103.0 billion, or 12.2 percent, from 2021. Exports increased $453.1 billion or 17.7 percent. Imports increased $556.1 billion or 16.3 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $2.1 billion to $68.6 billion for the three months ending in December.

• Average exports decreased $2.6 billion to $253.0 billion in December.
• Average imports decreased $4.7 billion to $321.6 billion in December.

Year-over-year, the average goods and services deficit decreased $6.4 billion from the three months ending in December 2021.

• Average exports increased $24.2 billion from December 2021.
• Average imports increased $17.8 billion from December 2021.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $2.9 billion to $168.1 billion in December.

  Exports of goods on a Census basis decreased $2.8 billion.

• Industrial supplies and materials decreased $3.1 billion.
• Nonmonetary gold decreased $1.6 billion.
• Crude oil decreased $0.8 billion.
• Other petroleum products decreased $0.6 billion.
• Consumer goods decreased $1.0 billion.
• Jewelry decreased $0.4 billion.
• Pharmaceutical preparations decreased $0.2 billion.
• Foods, feeds, and beverages increased $0.7 billion.

  Net balance of payments adjustments decreased $0.1 billion.

Exports of services increased $0.7 billion to $82.0 billion in December.

• Travel increased $0.4 billion.
• Transport increased $0.1 billion.
• Other business services increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $4.5 billion to $258.8 billion in December.

  Imports of goods on a Census basis increased $4.8 billion.

• Consumer goods increased $4.1 billion.
• Cell phones and other household goods increased $3.5 billion.
• Automotive vehicles, parts, and engines increased $2.9 billion.
• Passenger cars increased $1.6 billion.
• Other automotive parts and accessories increased $0.7 billion.
• Industrial supplies and materials decreased $2.7 billion.
• Fuel oil decreased $0.8 billion.
• Organic chemicals decreased $0.8 billion.

  Net balance of payments adjustments decreased $0.3 billion.

Imports of services decreased $0.3 billion to $58.8 billion in December.

• Travel decreased $0.5 billion.
• Transport decreased $0.1 billion.
• Charges for the use of intellectual property increased $0.2 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $2.5 billion to $98.6 billion in December.

• Real exports of goods increased $2.4 billion, or 1.6 percent, to $156.9 billion, compared to a 1.7 percent decrease in nominal exports.
• Real imports of goods increased $4.9 billion, or 2.0 percent, to $255.5 billion, compared to a 1.9 percent increase in nominal imports.

Revisions

In addition to revisions to source data for the November statistics, the seasonally adjusted goods data were revised for January through November so that the totals of the seasonally adjusted months equal the annual totals.

Revisions to November exports

• Exports of goods were revised up $0.3 billion.
• Exports of services were revised up $0.2 billion.

Revisions to November imports

• Imports of goods were revised down $0.6 billion.
• Imports of services were revised up $0.6 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The December figures show surpluses, in billions of dollars, with South and Central America ($5.1), Netherlands ($4.4), United Kingdom ($1.9), Australia ($1.5), Hong Kong ($1.3), Belgium ($1.1), Brazil ($0.9), and Singapore ($0.2). Deficits were recorded, in billions of dollars, with China ($22.8), European Union ($18.6), Mexico ($12.0), Vietnam ($8.1), Germany ($8.0), Japan ($7.2), Ireland ($5.8), Canada ($4.5), Italy ($4.2), South Korea ($4.0), India ($3.3), Taiwan ($3.0), Switzerland ($2.6), Malaysia ($2.5), France ($1.2), Israel ($0.7), and Saudi Arabia ($0.7).

• The deficit with China increased $3.0 billion to $22.8 billion in December. Exports decreased $1.0 billion to $12.6 billion and imports increased $2.0 billion to $35.4 billion.
• The deficit with Japan increased $1.6 billion to $7.2 billion in December. Exports decreased $0.3 billion to $6.2 billion and imports increased $1.3 billion to $13.3 billion.
• The surplus with the Netherlands increased $2.0 billion to $4.4 billion in December. Exports increased $1.2 billion to $7.0 billion and imports decreased $0.9 billion to $2.6 billion.

Annual Summary for 2022

Exports, Imports, and Balance (exhibit 1)

For 2022, the goods and services deficit was $948.1 billion, up $103.0 billion from $845.0 billion in 2021. Exports were $3,009.7 billion, up $453.1 billion from 2021. Imports were $3,957.8 billion, up $556.1 billion from 2021.

The 2022 increase in the goods and services deficit reflected an increase in the goods deficit of $101.5 billion, or 9.3 percent, to $1,191.8 billion and a decrease in the services surplus of $1.6 billion, or 0.6 percent, to $243.7 billion.

The goods and services deficit was 3.7 percent of current-dollar gross domestic product in 2022, up from 3.6 percent in 2021.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $324.2 billion to $2,085.6 billion in 2022.

  Exports of goods on a Census basis increased $310.5 billion.

• Industrial supplies and materials increased $190.9 billion.
• Crude oil increased $47.5 billion.
• Fuel oil increased $28.1 billion.
• Other petroleum products increased $26.8 billion.
• Natural gas increased $22.9 billion.
• Capital goods increased $51.0 billion.
• Civilian aircraft engines increased $7.2 billion.
• Electric apparatus increased $6.2 billion.
• Other industrial machinery increased $5.5 billion.
• Civilian aircraft increased $4.7 billion.
• Foods, feeds, and beverages increased $15.3 billion.
• Soybeans increased $7.0 billion.
• Automotive vehicles, parts, and engines increased $14.3 billion.
• Other automotive parts and accessories increased $7.0 billion.

  Net balance of payments adjustments increased $13.7 billion.

Exports of services increased $128.9 billion to $924.2 billion in 2022.

• Travel increased $63.8 billion.
• Other business services increased $26.5 billion.
• Transport increased $24.3 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $425.7 billion to $3,277.3 billion in 2022.

  Imports of goods on a Census basis increased $415.6 billion.

• Industrial supplies and materials increased $160.9 billion.
• Crude oil increased $65.1 billion.
• Finished metal shapes increased $13.1 billion.
• Other petroleum products increased $12.6 billion.
• Capital goods increased $103.5 billion.
• Electric apparatus increased $19.7 billion.
• Telecommunications equipment increased $12.6 billion.
• Other industrial machinery increased $10.7 billion.
• Consumer goods increased $76.3 billion.
• Pharmaceutical preparations increased $18.8 billion.
• Cell phones and other household goods increased $11.0 billion.
• Automotive vehicles, parts, and engines increased $52.0 billion.
• Passenger cars increased $19.0 billion.
• Other automotive parts and accessories increased $18.3 billion.
• Foods, feeds, and beverages increased $26.1 billion.

  Net balance of payments adjustments increased $10.1 billion.

Imports of services increased $130.5 billion to $680.5 billion in 2022.

• Travel increased $56.5 billion.
• Transport increased $49.1 billion.

Goods by Selected Countries and Areas – Census Basis (exhibits 14 and 14a)

The 2022 figures show surpluses, in billions of dollars, with South and Central America ($76.2), Netherlands ($38.3), Hong Kong ($21.1), Brazil ($14.6), Singapore ($14.5), Australia ($14.0), and United Kingdom ($13.3). Deficits were recorded, in billions of dollars, with China ($382.9), European Union ($203.9), Mexico ($130.6), Vietnam ($116.1), Canada ($81.6), Germany ($73.7), Japan ($68.0), Ireland ($66.1), Taiwan ($48.1), South Korea ($43.9), Thailand ($43.1), Italy ($41.7), India ($38.3), Malaysia ($36.6), Indonesia ($24.6), Switzerland ($22.6), Austria ($13.1), Russia ($12.7), Saudi Arabia ($11.9), and France ($11.5).

• The deficit with Canada increased $31.6 billion to $81.6 billion in 2022. Exports increased $48.4 billion to $356.1 billion and imports increased $79.9 billion to $437.7 billion.
• The deficit with China increased $29.4 billion to $382.9 billion in 2022. Exports increased $2.4 billion to $153.8 billion and imports increased $31.8 billion to $536.8 billion.
• The surplus with South and Central America increased $22.4 billion to $76.2 billion in 2022. Exports increased $50.8 billion to $225.7 billion and imports increased $28.4 billion to $149.5 billion.

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

Original source can be found here.