United States Trade Deficit Widens In December

The United States trade deficit has widened to $53.1 billion in December from $50.4 billion in November, the U.S. Census Bureau and the Bureau of Economic analysis release revealed.

The United States exports increased $3.5 billion to $203.4 billion in December from the preceding month. Similarly, imports advanced $6.2 billion to $256.5 billion during the period under review.

The trade deficit in December reflected $2.6 billion increase in the goods deficit to $73.3 billion. As far as services were concerned, there was a fall in the surplus by $0.1 billion to $20.2 billion in the same period.

For the full year, the deficit jumped 12.1 percent to $61.2 billion from the preceding year. Exports advanced 5.5 percent or $121.2 billion while imports grew 6.7 percent or $182.5 billion.

The release revealed, “For 2017, the goods and services deficit was $566.0 billion, up $61.2 billion from $504.8 billion in 2016. Exports were $2,329.3 billion in 2017, up $121.2 billion from 2016. Imports were $2,895.3 billion in 2017, up $182.5 billion from 2016.”

The widening deficit in 2017 reflected $57.5 billion or 7.6 percent increase in goods deficit to $810.0 billion. In respect of services, there was a fall of surplus by 1.5 percent or $3.7 billion to $244.0 billion.

As a percentage of the America’s gross domestic product, the trade deficit widened to 2.9 percent from 2.7 percent in the previous year.

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