Economics
U.S. Trade Gap Swells to Record in 2021 on Surge in Imports
- Shortfall with China widened last year to $355.3 billion
- December U.S. imports climbed to a record $308.9 billion
Cargo ships are unloaded at the Port of Long Beach in Long Beach, California.
Photographer: Kyle Grillot/BloombergThis article is for subscribers only.
The U.S. trade deficit grew in 2021 to the largest on record, reflecting a surge in the value of consumer-goods imports as the pandemic discouraged spending on services and drove more outlays for merchandise.
The annual shortfall in goods and services increased for a second straight year, widening 26.9% to $859.1 billion, Commerce Department data showed Tuesday. The December gap grew to $80.7 billion from the prior month. That compares with the median estimate of $83 billion in a Bloomberg survey of economists. The figures aren’t adjusted for prices.