Data released by the U.S. Department of Commerce on Tuesday showed that the U.S. trade deficit widened 10.5% month-on-month to $67.4 billion in December 2022, mainly due to a rebound in imports while cooling global demand and falling crude oil prices led to a 10-month low in merchandise exports.
In addition, the data also show that the US trade deficit in 2022 increased by 12.2% to a record high of $948.1 billion.