Trade Deficit Expands to $62.20B

The U.S. international trade in goods and services, also known as the FT-900, is published monthly by the Bureau of Economic Analysis with data going back to 1992. The monthly reports include revisions that go back several months. This trade balance measures the difference in value between imported and exported goods and services.

Here is an excerpt from the latest report:

The U.S. monthly international trade deficit increased in December 2023 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $61.9 billion in November (revised) to $62.2 billion in December, as imports increased more than exports. The goods deficit increased $0.7 billion in December to $89.1 billion. The services surplus increased $0.4 billion in December to $26.9 billion.

In December, the trade deficit expanded by 0.5% to $62.20B. The latest reading was worse than the forecast of $62.00B. The deficit has shrunk by 12.9% compared to one year ago.

Trade Deficit

This indicator is somewhat volatile, with an 8.7% absolute average monthly change. The latest data point saw a 0.5% month-over-month change. Here is a snapshot that gives a better sense of the extreme volatility of this indicator.

Trade Deficit

As mentioned earlier, the trade balance measures the difference in value between imported and exported goods and services. In December, imports increased by $4.2 billion (1.34%) to $320.45B while exports increased by $3.9 billion (1.54%) to $258.25B. Since imports increased more than exports did, the trade deficit increased.

Trade Deficit Exports and Imports

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