The US trade deficit climbed to a new record high in January, for the second month in a row, reflecting the huge American “appetite” for imported goods such as cars, wine and oil.
In particular, the US trade deficit jumped by 7.1% in January and amounted to 107.6 billion dollars.
At the same time, the trade deficit for December was revised upwards to $ 100.5 billion.
US product imports rose 1.8 percent to $ 262 billion in the first month of the year, a record high.
During the same period, exports of US-made products fell 1.8% to $ 154.8 billion.
It is noted that the already high US trade deficit jumped to a historic record last year, exceeding 1 trillion. dollars for the first time as the US economy recovered rapidly from the pandemic, while other countries lagged behind, resulting in faster-than-expected import growth.
The US trade deficit is likely to remain near record levels until the rest of the world economy approaches US growth and starts buying more US-made products and services.
However, Russia’s war with Ukraine again threatens to delay global recovery.
Source: Capital
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