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- U.S. trade deficit narrows less than forecast in December
U.S. trade deficit narrows less than forecast in December
The U.S.
Commerce Department reported on Friday that U.S. the goods and services trade
deficit narrowed to $66.6 billion in December from a revised $69.0 billion in
the previous month (originally a gap of $68.1 billion).
Economists had
expected a deficit of $65.7 billion.
According to
the report, the December decline in the goods and services deficit reflected a drop
in the goods deficit of $2.8 billion to $84.2 billion and a decrease in the
services surplus of $0.4 billion to $17.5 billion.
In December,
exports of goods and services from the U.S. rose 3.4 percent m-o-m to $190.0
billion, while imports surged 1.5 percent m-o-m to $256.6 billion, reflecting
both the ongoing impact of the COVID-19 pandemic and the continued economic
recovery from the steep declines earlier in the year.
For 2020, the goods and
services deficit jumped 17.7 percent from 2019. Exports plunged 15.7 percent, while imports tumbled 9.5
percent.
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