A New Record for the U.S. Trade Deficit
The U.S. trade deficit was up 12.2% to $948 billion in 2022, increasing to a new record thanks to a surge in imports as American companies sought to increase merchandise stock to meet high demand, Commerce Department data shows. Exports of goods and services ($3.0 trillion) were the highest on record. Imports of goods and services ($4.0 trillion) were the highest on record.
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