US Trade Deficit Surges To Record High In 2022 As China Flows Rebound

The US trade deficit for all of 2022 rose 12.2% to $948.1 billion, the widest gap on record, as the US continued to depend heavily on imports from other countries to meet domestic demand.

As The Wall Street Journal reports, exports also rose last year as global demand for American-made products picked up (but a soaring USDollar last year drove up the cost of American goods, exaggerating the annual deficit).

Global demand for U.S. exports has eased, Gregory Daco, chief economist, Ernst & Young LLP, said, adding imports are likely to come “under increased pressure in an environment where consumer spending and business investment growth are moderating,” he added.

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