US December trade deficit falls a tad short of forecasts
America's shortfall on trade with the rest of the world widened by less than expected at the end of 2021.
According to the Department of Commerce, in seasonally adjusted terms, the US trade deficit in goods and services widened at 1.8% month-on-month pace during the month of December to reach $80.7bn.
Economists had forecast a deficit of -$83.0bn.
In comparison to the month before, exports grew by 1.5% to reach $228.1bn, while imports were 1.6% higher to $308.9bn.
Growth in goods exports was led by a $1.2bn jump in those of non-monetary gold, a $1.0bn increase in those of pharmaceuticals and a $0.8bn rise in those of passenger cars.
Imports of cell phones and other household goods meanwhile were strongest, rising by $2.4bn, followed by a $1.4bn increase in overseas purchases of passenger cars and $1.3bn more of crude oil imports.
The total trade deficit for November was revised lower in Tuesday's report, from a preliminary estimate of -$80.2bn to -$79.3bn.