Economic Indicators

US trade deficit widens slightly in December

2024.02.07 09:04


© Reuters. Sea gulls sit on a lamppost beside transport containers stacked on the Paul W. Conley Container Terminal in Boston, Massachusetts, U.S., May 9, 2018. REUTERS/Brian Snyder/File Photo

WASHINGTON (Reuters) – The U.S. trade deficit widened slightly in December, however contracted sharply in 2023 as imports declined and exports rose.

The trade deficit elevated 0.5% to $62.2 billion, the Commerce Department’s Census Bureau stated on Wednesday. Data for November was revised to point out the trade hole shrinking to $61.9 billion as a substitute of $63.2 billion as beforehand reported.

Economists polled by Reuters had forecast the trade deficit easing to $62.2 billion in December. For the entire of 2023, the trade deficit contracted 18.7% to 773.4 billion. It represented 2.8% of GDP, down from 3.7% in 2022.

Trade added 0.43 proportion level to the economic system’s 3.3% annualized development fee in the fourth quarter after being impartial for 2 straight quarters.

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