The latest data from the Commerce Department reveals that the US trade deficit increased in December, concluding a tumultuous year marked by unpredictable tariff policies.
The report shows the goods and services trade gap expanded from the prior month to $70.3 billion. The shortfall culminated in a full-year deficit of $901.5 billion.
The December deficit was due to a 3.6% rise in import value, while exports of goods and services fell by 1.7%.
In December, the rise in goods imports was driven by higher imports of computer accessories and motor vehicles. The decrease in exports was mainly due to fewer outbound shipments of gold, as noted in the trade report.
Today’s figures show that the current trade deficit is one of the largest on record since 1960.
By CEO NA Editorial Staff
