The gap between what the United States imports and what it exports broke a record in 2022 for the second year in a row, reaching an all-time high of $948.1 billion.Â
Both exports and imports of goods and services rose, but imports rose more boosting the trade deficit by 12.2% over the previous year. The trade deficit with China grew 8.3% to $382.9 billion, the second-highest total on record.
U.S. trade deficits have steadily risen and broken new records under both Democratic and Republican presidents, even under Donald Trump, who made reducing it a priority. The last time the U.S. ran a surplus was 1975.
