On Tuesday, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the goods and services deficit was $67.4 billion in December, up $6.4 billion from $61.0 billion in November.

December exports were $250.2 billion, $2.2 billion less than November exports. December imports were $317.6 billion, $4.2 billion more than November imports.

The December increase in the goods and services deficit reflected an increase in the goods deficit of $7.4 billion to $90.6 billion and an increase in the services surplus of $1.0 billion to $23.2 billion.

For 2022, the goods and services deficit increased $103.0 billion, or 12.2%, from 2021. Exports increased $453.1 billion or 17.7%. Imports increased $556.1 billion or 16.3%.

Three-Month Moving Averages

The average goods and services deficit decreased $2.1 billion to $68.6 billion for the three months ending in December.

  • Average exports decreased $2.6 billion to $253.0 billion in December.
  • Average imports decreased $4.7 billion to $321.6 billion in December.

Year-over-year, the average goods and services deficit decreased $6.4 billion from the three months ending in December 2021.

  • Average exports increased $24.2 billion from December 2021.
  • Average imports increased $17.8 billion from December 2021.

Exports of Goods

  • Nonmonetary gold decreased $1.6 billion.
  • Crude oil decreased $0.8 billion.
  • Other petroleum products decreased $0.6 billion.
  • Jewelry decreased $0.4 billion.
  • Pharmaceutical preparations decreased $0.2 billion.
  • Foods, feeds, and beverages increased $0.7 billion.

Imports of Goods

  • Cell phones and other household goods increased $3.5 billion.
  • Automotive vehicles, parts, and engines increased $2.9 billion.
  • Passenger cars increased $1.6 billion.
  • Other automotive parts and accessories increased $0.7 billion.
  • Fuel oil decreased $0.8 billion.
  • Organic chemicals decreased $0.8 billion.

Sources: bea.gov