In 2022, the U.S. trade deficit in goods and services widened to a record $945 billion.

A trade deficit equivalent to 3% of U.S. GDP indicates that 3% of U.S. spending went on imported goods and services, indicating lost demand for US production and a substantial contractionary force on the US economy.

In 2022, the U.S. goods trade deficit reached $1.19 trillion, the largest-ever goods trade deficit in U.S. history.

The U.S. runs a surplus in services due to a strength in service sectors including education, financial services, intellectual property charges, and other business services.

Our deficit in petroleum products accounts for less than one percent of our total goods deficit. A decade ago, our petroleum goods deficit accounted for about 40 percent of the trade deficit. This shows our deficit in non-petroleum goods, at $1.081 trillion in 2022, is widening more rapidly than our total goods deficit.

Source: US Department of Commerce