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U.S. Trade Deficit Widens As Imports Jump More Than Exports

February 16, 2024
in Business
U.S. Trade Deficit Widens As Imports Jump More Than Exports


With imports increasing by more than exports, the Commerce Department released a report on Wednesday showing the U.S. trade deficit widened in the month of December.

The Commerce Department said the trade deficit increased to $62.2 billion in December from a revised $61.9 billion in November.

Economists had expected the trade deficit to narrow to $62.2 billion from the $63.2 billion originally reported for the previous month.

The wider trade deficit came as the value of imports shot up by $4.2 billion or 1.3 percent to $320.4 billion, while the value of exports jumped by $3.9 billion or 1.5 percent to $258.2 billion.

Imports of consumer goods, including pharmaceuticals, cell phones and other household goods, led the surge in imports, while imports of industrial supplies and materials also saw a notable increase.

Meanwhile, the report showed a sharp increase in exports of industrial supplies and materials, including nonmonetary gold, crude oil and other petroleum products.

The report also said the goods trade deficit widened to $89.1 billion in December from $88.4 billion in November, while services trade surplus rose to $26.9 billion from $26.5 billion.

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