The annual shortfall in goods and services increased 12.2% to $948 billion, Commerce Department data showed Tuesday. The December gap widened to $67.4 billion from the prior month. The figures aren’t adjusted for prices.
The value of imports last year climbed 16.3% from 2021 to nearly $4 trillion, while exports of goods and services rose 17.7% to $3 trillion. “Overall, trade flows have slowed recently on a shift in demand for services from goods and weaker global growth,” Rubeela Farooqi, chief US economist at High Frequency Economics, said in a note. “But better growth prospects in the US and abroad could provide support over coming months.”Still, US recession risks have climbed amid tighter policy, including increased odds that household spending will cool.
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