The US trade deficit in goods surpassed $1 trillion in 2021 for the first time in history as the economy rebounded, driving imports to a record high.
- For the full year 2021, the trade gap in goods expanded to $1.08 trillion from $893.5 billion in the prior year. The deficit in 2020 had also been a record high.
- The deficit in goods rose 3% in December to $101 billion from $98 billion. It was the biggest monthly surge on record.
- Demand for US exports was slower to recover due to other countries lagging behind in their economic recoveries.
- The deficit is anticipated to subside after other countries catch up, but the US has run large trade gaps for many years.
Exports increased slightly by 1.4% to $157.3 billion. The overall trade deficit in 2021 is projected to fall short of $1 trillion.
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Source: US Census Bureau