U.S. Trade Deficit Soars To Record $948 Billion In 2022

  • High oil prices and inflation contribute to wider trade gap
  • The U.S. trade deficit in 2022 rose to an all-time high for the third year in a row, largely because of higher oil prices and Americans’ strong appetite for new cars, cell phones and other consumer goods.
  • The trade gap last year jumped 12.2% to $948.1 billion from $845.1 billion in the prior year. Just six years ago, the deficit was half the size.