U.S. Trade Deficit Record High $948.1 Billion in 2022, 3.7% of GDP

The U.S. trade deficit widened to a record high of $948.1 billion in 2022, equivalent to 3.7% of the GDP from $845 billion in 2021. Impacts came from rising inflation, high energy prices and robust demand pushed imports to the highest level ever. For December the deficit was $67.4 billion from a downwardly revised $61 billion in November and lower than the forecast of a $68.5 billion deficit. Exports fell 0.9% to $250.2 billion, led by non-monetary gold, crude oil … Continue reading “U.S. Trade Deficit Record High $948.1 Billion in 2022, 3.7% of GDP”

Semiconductors Lift South Korean ICT Exports to All Time High in 2022

South Korea shipments of information and communications technology (ICT) products in 2022 reached an all-time high of USD 233.3 billion, up 2.5 percent from 2021.  ICT exports achieved a trade surplus of $80.9 billion and make up 34.1% of Korea’s total annual exports. Imports went up 12.9% to $152.5 billion. ICT exports to most major regions expanded, however shipments to South Korea’s largest trading partner, China (including Hong Kong) shrank 4.9% to $102.3 billion as zero-COVID lockdowns and halted production lines … Continue reading “Semiconductors Lift South Korean ICT Exports to All Time High in 2022”

South Korean Trade Deficit Biggest Ever Since 1956 with Crumbling Won and High Energy Prices

South Korea for the full year of 2022, the trade balance posted a deficit of USD 47.2 billion, more than double of the previous record deficit of USD 20.72 registered in 1996, and the biggest ever figure since 1956. The trade deficit in South Korea surged to USD 4.69 billion in December 2022 from USD 0.43 billion in the same month a year earlier a preliminary figure showed. However, it was smaller than the market consensus of a 6.74 billion … Continue reading “South Korean Trade Deficit Biggest Ever Since 1956 with Crumbling Won and High Energy Prices”

TC Trade Monitor: Port of Los Angeles Falls Further Behind Port of New York and New Jersey

The Port of Los Angeles, once the United States’ busiest seaport saw cargo volume declines in November. The port’s volume is 21% lower than the same month last year. Overall, the LA port has handled 7% less cargo in the first 11 months of 2022 compared to last year’s all-time record. Port of New York and New Jersey is the top among all U.S. ports for a fourth-consecutive month based on November data. West Coast ports of Los Angeles and … Continue reading “TC Trade Monitor: Port of Los Angeles Falls Further Behind Port of New York and New Jersey”

U.S. Trade Deficit Narrowed to -$67.4 billion in August with Softening Global Activity

The trade deficit narrowed to $67.4 billion in August (consensus -$67.9 billion) from an upwardly revised -$70.5 billion (from -$70.6 billion) in July. August exports were $258.9 billion, $0.7 billion less than July exports. August imports were $326.3 billion, $3.7 billion less than July imports. The goods deficit with China widened to $33.5 billion from $32.9 billion in July. Highlights International trade deficit for August 2022 -$67.4 billion vs -67.9 estimate from an upwardly revised -$70.5 billion (from -$70.6 billion) … Continue reading “U.S. Trade Deficit Narrowed to -$67.4 billion in August with Softening Global Activity”

U.S. Trade Deficit Narrowed to -$70.7 billion in July as Exports Hit all Time High

The trade deficit in the US narrowed by $10.2 billion to $70.7 billion in July 2022, a 9-month low as world trade declines. Forecasts were for $70.3 billion. Total exports were up 0.2% to a new all-time high of $259.3 billion as a rise in exports of services offset a decline in goods shipments. Imports fell 2.9% to $329.9 billion. The deficit with China fell $3.9 billion to $33.0 billion in July with exports rising to $12.8 billion and imports … Continue reading “U.S. Trade Deficit Narrowed to -$70.7 billion in July as Exports Hit all Time High”

U.S. Trade Deficit -$79.6 Billion, China Gap Rises to -$36.95 Billion

The US trade deficit in June was $79.6 billion (consensus $81.7 billion) from a revised deficit of $84.9 billion (from $85.5 billion) in May. The China and US trade deficit rose to -$36.95 billion vs. May deficit $-31.54 billion. Exports were up 3.5% to a record high of $260.8 billion, led by natural gas. Imports fell again to $340.41 billion vs. May $341.43 billion These monthly swings are also influenced by the supply crisis affecting orders and deliveries. Highlights International trade … Continue reading “U.S. Trade Deficit -$79.6 Billion, China Gap Rises to -$36.95 Billion”

U.S. Trade Deficit Pulls Back from Record as Exports Rise Led by Natural Gas, Petroleum Products and Soybeans

The US trade deficit in April was $87.20 Billion down from prior month’s record $-107.7 billion. The China and US trade deficit fell to -$30.57 billion vs. $-34.00 billion last month. Exports were up 3.5% to a record high of $252.6 billion, led by natural gas. Imports collapsed to -3.4% from March rise +9.6%. These monthly swings are also influenced by the supply crisis affecting orders and deliveries. Highlights International trade balance $-87.2 billion vs. $-89.5 billion estimate. The prior … Continue reading “U.S. Trade Deficit Pulls Back from Record as Exports Rise Led by Natural Gas, Petroleum Products and Soybeans”

U.S. Trade Deficit Soars 27% to Record $859 Billion in 2021 as Imports surge from Inflation and Tariffs.

The US trade deficit in December was $80.70 Billion up from prior month’s $79.30 billion. The China and US trade deficit rose to -$355.3 B for the year. The US trade gap for 2021 in both goods and services rose 27% to hit $859 billion, an annual record as imports grew faster than exports. Imports surged 20.5% with higher prices from inflation and tariffs. Highlights The US trade Deficit rose in both goods and services rose 27% to hit $859 … Continue reading “U.S. Trade Deficit Soars 27% to Record $859 Billion in 2021 as Imports surge from Inflation and Tariffs.”

US Natural Gas Exports to Mexico New Monthly Record in June 2021

Pipeline Gas exports to Mexico have been rising on rising Mexican demand with insufficient domestic production capability. Costa Azul LNG import terminal conversion has seen even more US gas imported by Mexico. On the demand side, in addition to domestic weather, liquefied natural gas (LNG) export levels hung near the robust 11 Bcf level, boosted by persistent demand from Asia and Europe, while While not as influential overall as LNG Pipeline exports to Mexico is hovering near 7 Bcf daily. … Continue reading “US Natural Gas Exports to Mexico New Monthly Record in June 2021”