The U.S. trade deficit in 2022 will reach a record high of $948.1 billion.

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[Financial Channel/Comprehensive Report] With global demand cooling and crude oil prices falling, the U.S. trade deficit widened in December, with imports rebounding and merchandise exports falling to a 10-month low, while also pushing the 2022 trade deficit to a record A new high of $948.1 billion.

"Reuters" reported that the report released by the US Department of Commerce on Tuesday (7th) showed that the US trade deficit increased by 10.5% to US$67.4 billion in December, while in November it shrank by 21.1% to US$61 billion.

Adjusted for inflation, the real goods trade deficit widened to $98.6 billion from $96.1 billion in November.

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Judging from the full-year data, the trade deficit will reach a new record of US$948.1 billion in 2022 from US$845 billion in 2021.

As a percentage of GDP, it will rise to 3.7% from 3.6% in 2021.

Exports rose $453.1 billion to $3 trillion, while imports surged $556.1 billion to $4 trillion.

U.S. imports rebounded in December, rising 1.3 percent to $317.6 billion, with goods rising 1.8 percent to $258.8 billion, boosted largely by imports of consumer goods, reflecting improved supplies of products such as mobile phones after China reopened.

The dollar's strength over the past period has made U.S.-made goods expensive on international markets, while tightening monetary policy by global central banks has eroded foreign demand.

Shannon Seery, an economist at Wells Fargo, said slowing overseas growth is likely to continue to weigh on demand for U.S. exports, while demand for durable goods is now lower after being boosted during the pandemic. is slowing down.

The trade deficit hit a record high in 2022 and is expected to increase again in January.

After contributing to GDP growth for three consecutive quarters, economists expect trade may no longer provide support to the U.S. economy this quarter.

Christopher Rupkey, chief economist of FWDBONDS, a financial market research company, said that the trade winds have changed and are no longer as strong as the economy is growing. The economy is not in trouble, but judging from this year's trade deficit data, growth Unlikely to speed up.

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