US trade deficit rises 0.5% to $62.2B in December

By Ovunc Kutlu

ISTANBUL (AA) - The US trade deficit rose $0.3 billion, or 0.5%, to reach $62.2 billion in December 2023, according to data released Wednesday by the Commerce Department's Census Bureau.

The market expectation for the figure was to show a deficit of $62 billion, following a deficit of $61.9 billion in November.

Exports in December were $258.2 billion, $3.9 billion more than November exports; while imports were $320.4 billion -- $4.2 billion more than the month before.

"The December increase in the goods and services deficit reflected an increase in the goods deficit of $0.7 billion to $89.1 billion and an increase in the services surplus of $0.4 billion to $26.9 billion," the Census Bureau said in a statement.

"For 2023, the goods and services deficit decreased $177.8 billion, or 18.7 percent, from 2022. Exports increased $35.0 billion or 1.2 percent. Imports decreased $142.7 billion or 3.6 percent," it added.