https://sputnikglobe.com/20220228/us-trade-deficit-jumps-7-in-january-to-record-high-of-nearly-108bln---commerce-dept-1093458048.html
US Trade Deficit Jumps 7% in January to Record High of Nearly $108Bln - Commerce Dept.
US Trade Deficit Jumps 7% in January to Record High of Nearly $108Bln - Commerce Dept.
Sputnik International
WASHINGTON (Sputnik) - The US trade deficit in goods jumped 7% in January to a record high of almost $108 billion, the Commerce Department reported Monday as... 28.02.2022, Sputnik International
2022-02-28T16:56+0000
2022-02-28T16:56+0000
2022-08-06T13:55+0000
us
economy
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"The international trade deficit was $107.6 billion in January, up $7.2 billion from $100.5 billion in December," the department said in a news release.December was already a record high for the trade deficit, which has been growing for months due to supply chains severely stretched by the pandemic.US import of goods rose 1.8% in January to $262 billion, a record by itself, the data issued Monday showed.Exports of US-manufactured goods, in contrast, fell 1.8% to $154.8 billion in January.The US trade deficit has been trending higher in recent years due to the relatively better performance of the American economy versus that of its trading partners, which encouraged the country to import more. The outbreak of the COVID in March 2020 and the greater divergence in US recovery versus the world has caused the deficit to explode over the past year.After contracting 3.5% in 2020 from disruptions forced by the pandemic, the economy rebounded by 5.7% in 2021 for its fastest growth in four decades.
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US Trade Deficit Jumps 7% in January to Record High of Nearly $108Bln - Commerce Dept.
16:56 GMT 28.02.2022 (Updated: 13:55 GMT 06.08.2022) WASHINGTON (Sputnik) - The US trade deficit in goods jumped 7% in January to a record high of almost $108 billion, the Commerce Department reported Monday as businesses increased imports to stock up on supplies amid continued supply chain strains caused by the coronavirus pandemic.
"The international trade deficit was $107.6 billion in January, up $7.2 billion from $100.5 billion in December," the department said in a news release.
December was already a record high for the trade deficit, which has been growing for months due to supply chains severely stretched by the pandemic.
US import of goods rose 1.8% in January to $262 billion, a record by itself, the data issued Monday showed.
Exports of US-manufactured goods, in contrast, fell 1.8% to $154.8 billion in January.
The US trade deficit has been trending higher in recent years due to the relatively better performance of the
American economy versus that of its trading partners, which encouraged the country to import more. The outbreak of the COVID in March 2020 and the greater divergence in US recovery versus the world has caused the deficit to explode over the past year.
After contracting 3.5% in 2020 from disruptions forced by the pandemic, the economy rebounded by 5.7% in 2021 for its fastest growth in four decades.
