Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

US trade deficit ends 2021 at record heights against expectations

by Reuters

WASHINGTON Feb 08, 2022 - 7:30 pm GMT+3
The United States Department of Treasury building can be seen in Washington, U.S., Jan. 12, 2022. (AFP Photo)
The United States Department of Treasury building can be seen in Washington, U.S., Jan. 12, 2022. (AFP Photo)
by Reuters Feb 08, 2022 7:30 pm
RECOMMENDED
Türkiye’s newly appointed Labor and Social Security Minister Vedat Işıkhan (L) sits alongside his predecessor Vedat Bilgin during a handover ceremony, in Ankara, Türkiye, June 5, 2023. (AA Photo)

Türkiye's new labor minister vows to boost welfare of workers

Turkish-economy

The United States trade deficit surged to a record high in 2021 with the value of imports increasing sharply amid the restocking of shelves by businesses to meet robust domestic demand as imports again outpaced exports, a report released by the Commerce Department said Tuesday.

The Commerce Department said on Tuesday that the trade deficit increased 27% last year to an all-time high of $859.1 billion. The deficit was at $676.7 billion in 2020.

"The US trade picture won't return to normal until the pandemic purchases start to slow and life returns to what it was," said Christopher Rupkey, chief economist at FWDBONDS in New York.

The trade gap represented 3.7% of gross domestic product (GDP), up from 3.2% in 2020. The economy grew 5.7% in 2021, the strongest since 1984, after the government provided nearly $6 trillion in pandemic relief, which fueled consumer spending on goods.

The goods deficit shot up 18.3% to a record $1.1 trillion last year. Imports of goods hit an all-time high of $1.8 trillion. They were driven by imports of industrial supplies and materials, which increased to their highest level since 2014.

Food imports were the highest on record as were those of capital, consumer and other goods. There were record imports from 70 countries in 2021, led by Mexico, Canada and Germany.

Robust import growth overshadowed a sharp rebound in exports. Goods exports surged 23.3% to a record $1.8 trillion. Exports of industrial supplies and materials, foods, consumer goods, other goods and petroleum were the highest on record.

The U.S. logged record exports to 57 countries last year, led by Mexico, which increased to $276.5 billion. Shipments to China rose to $151.1 billion, while exports to South Korea increased to $65.8 billion.

The final boost to the trade deficit came from a 1.8% increase to $80.7 billion in December. Economists polled by Reuters had forecast a $83 billion deficit.

RECOMMENDED
Türkiye’s newly appointed Labor and Social Security Minister Vedat Işıkhan (L) sits alongside his predecessor Vedat Bilgin during a handover ceremony, in Ankara, Türkiye, June 5, 2023. (AA Photo)

Türkiye's new labor minister vows to boost welfare of workers

Turkish-economy
  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    united states trade deficit economy us economy
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    A general view of Dr. Sun Yat-sen's Mausoleum in Purple Mountai, Nanjing, China. (Photo courtesy by Ahmet Faruk Işık)

    Seed of modern Turkish diplomacy in China: Nanjing city

    Nanjing
    Brazil's Dani Alves in action during the FIFA World Cup Qatar 2022 Round of 16 match between Brazil and South Korea at Stadium 974, Doha, Qatar, Dec. 5, 2022. (Getty Images Photo)

    Dani Alves remains in jail as new rape case's harrowing details unfold

    DANI-ALVES

    Excavations in Istanbul unearth statue of Greek deity Pan

    pan

    'Ulysses of Istanbul': Celebrating James Joyce's masterpiece

    james-joyce
    No Image
    In photos: Fiery protests in Barcelona demand rapper Hasel's release
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021