However, the U.S. trade deficit for December declined from a month prior as U.S. exports gained ground around the globe, but this was partially offset by an increase in imports.
The U.S. Department of Commerce reported Tuesday the nation’s trade deficit for 2016 totaled $502.3 billion, the highest level since the 2012 deficit of $536.8 billion and 0.4 percent higher than the 2015 deficit.
However, the U.S. trade deficit for December fell 3.2 percent from a month prior to $44.3 billion as U.S. exports gained ground around the globe, hitting their highest level since April 2015. The nation’s exports in December rose 2.7 percent month-over-month to $190.7 billion.
The jump in exports was partially offset by a 1.5 percent month-over-month increase in imports, which totaled $235 billion.
“The December decrease in the goods and service deficit reflected a decrease in the goods deficit of $1.2 billion to $65.7 billion and an increase in the services surplus of $0.3 billion to $21.4 billion,” Commerce said.
December surpluses, in billions of dollars, were recorded with Hong Kong ($2.1), South and Central America ($1.0), Singapore ($0.9), Saudi Arabia ($0.4) and Brazil ($0.2).
On the flip side, December deficits, in billions of dollars, were recorded with China ($30.2), the European Union ($12.9), Japan ($6.8), Germany ($5.2), Mexico ($4.6), Italy ($2.8), India ($2.0), South Korea ($1.8), Canada ($1.5), Taiwan ($1.0), OPEC ($1.0), France ($0.7) and the United Kingdom ($0.2).
U.S. trade deficit inches up 0.4% for 2016
