For 2022, the goods and services deficit increased $103.0 billion, or 12.2% from 2021. This is the largest deficit on record as the economy continued to recover as consumers and businesses purchased higher amounts of machinery, car components, industrial supplies, medicines among other things. Exports increased $453.1 billion or 17.7% . Imports increased $556.1 billion or 16.3%.

However, 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. For the year of 2022, automotive vehicles, parts, and engines increased $14.3 billion as the US auto industry continues to sort out supply chain challenges. Nevertheless, the trade deficit with China grew 8.3% annually to $382.9 billion, the second highest total on record. Companies are shifting purchases of goods with Mexico, Canada, India, South Korea, Vietnam and Taiwan in the initial moves away from the reliance on China sources of foreign products.