Elgin Area Chamber Of Commerce: Trade Deficit Hits Record

Elgin IL

10 February, 2022

2:30 AM

Description

Press release from the Elgin Area Chamber of Commerce: February 09, 2022 Trade Deficit Hits Record The U.S. trade deficit soared to a record last year as spending on imported goods outpaced increases in exports. Spending on imported goods sent the deficit above $1 trillion while the surplus on services trade weakened to create a total deficit of $895.1 billion, the Commerce Department reported Tuesday. The goods deficit was the highest on record as was total deficit's 27.4% increase over 2020. Part of the blame of the widening trade deficit has been put on supply chain disruptions such as clogged U.S. ports. Several other records were set. Trade deficits with the European Union, Vietnam, Taiwan and South Korea each were historical highs. The U.S. trade surplus with South and Central America was the highest on record. Exports of food, feed, beverages, consumer goods and industrial supplies reached record highs to drive exports of $1.8 trillion. But record imports of many of those same goods set a record with $2.8 trillion. In December, Americans buying cell phones, toys, household appliances and vehicles drove imports higher. The U.S. imported less crude oil, finished metal shapes, fertilizers and pesticides. ​Source: www.CoStar.com   This press release was produced by the Elgin Area Chamber of Commerce. The views expressed here are the author's own.