High oil prices and inflation contribute to wider trade gap
The U.S. trade deficit in 2022 rose to an all-time high for the third year in a row, largely because of higher oil prices and Americans' strong appetite for new cars, cell phones and other consumer goods.
The trade gap last year jumped 12.2% to $948.1 billion from $845.1 billion in the prior year. Just six years ago, the deficit was half the size.
The U.S. has run large trade deficits for years and it's usually doesn't have much impact on the economy's performance. Yet some big ups and downs in the trade gap last year also produced large swings in gross domestic product.
In December, the trade deficit rose 10.5% to $67.4 billion.