International Trade Gap Widened to a Nine-Year High in December

The U.S. international trade deficit widened in December, growing 5.2% to $53.1 billion, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. This was the highest level since October 2008. Imports increased 2.5%, while exports grew 1.8%. November’s trade deficit was downwardly revised from $50.5 billion to $50.4 billion.

The goods deficit increased 3.6% to $73.3 billion, while the services surplus fell slightly to $20.2 billion.

Exports of goods rose 2.5% to $137.5 billion in December. Exports of services grew 0.2% to $65.9 billion.

Imports of goods increased 2.9% to $210.8 billion. Imports of services grew 0.6% to $45.7 billion.

Read the Census/BEA release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.