United States Balance of TradeApril 2022 Data - 1950-2021 Historical - May Forecast

The US trade deficit widened sharply to a record high of $109.8 billion in March of 2022, as a broad-based rise in prices, especially for energy lifted imports by 10.3% to a new record high of $351.5 billion. Oil import prices jumped to $87.2 billion a barrel in March compared to $76.37 in the previous month. Also, sharp increases were seen in purchases of finished metal shapes, crude oil, cotton apparel and household goods, footwear, furniture, computers, passenger cars, transport and travel. Exports also reached a new record of $241.7 billion but increased 5.6%, much less than imports. Shipments rose mainly for crude oil, fuel oil, natural gas liquids, autos and parts, transport and travel. Based on not seasonally adjusted data, the trade deficit with China increased to $34 billion from $30.7 billion in February and with Russia, the gap widened to $2.6 billion from $2.1 billion.

The trade deficit in the US remained near-record levels of $89.18 billion in February of 2022, compared to $89.22 billion in January as imports continue to soar amid robust demand and rising oil prices. Imports were up 1.3% to hit a record high of $317.8 billion, on higher shipments of crude oil, other chemicals and petroleum products, fuel oil, and capital goods. Also, services imports increased to a record $51.6 billion, with about half of it coming from charges for use of intellectual property due to a temporary boost from rights fees to broadcast the Winter Olympics. In contrast, imports of passenger cars declined. Meanwhile, exports increased 1.8% to also hit a fresh all-time high of $228.6 billion, led by sales of fuel oil, metallurgical grade coal, pharmaceutical preparations, and travel. Trade deficits were recorded with China ($41.2 billion), the EU ($17 billion), Mexico ($9.8 billion) and Canada ($6.8 billion). The goods gap with Russia widened to $2.1 from $1.6 billion.

The US trade deficit widened to a record high of $89.7 billion in January of 2022 from an upwardly revised $82 billion in the previous month and above market forecasts of an $87.1 billion gap. It reflects an increase in the goods deficit of $7.1 billion to $108.9 billion, as soaring energy costs pushed imports to a record high while the services surplus narrowed by $0.6 billion to $19.2 billion. Imports increased 1.2% to a new record high of $314.1 billion, boosted by purchases of passenger cars, crude oil, natural gas, copper, food and capital goods. Exports fell 1.7% to $224.4 billion, led by pharmaceutical preparations, travel and services, while shipments increased for civilian aircrafts, telecommunications equipment and financial services. The deficit with Canada increased $2.6 billion to $6.8 billion; the shortfall with Japan widened by $2.1 billion to $7.1 billion; while the gap with India decreased $1.5 billion to $2.4 billion.