U.S. Trade Gap Swells to Record in 2021 on Surge in Imports

The U.S. trade deficit grew in 2021 to the largest on record, reflecting a surge in the value of consumer-goods imports as the pandemic discouraged spending on services and drove more outlays for merchandise.

The annual shortfall in goods and services increased for a second straight year, widening 26.9% to $859.1 billion, Commerce Department data showed Tuesday. The December gap grew to $80.7 billion from the prior month. That compares with the median estimate of $83 billion in a Bloomberg survey of economists. The figures aren’t adjusted for prices.

Annual imports climbed 20.5% to $3.39 trillion from 2020, while exports rose 18.5% to $2.53 trillion.

The data bear the effects of the second year of the pandemic in the world’s largest economy -- elevated savings spurred by government stimulus and a stronger dollar saw homebound Americans purchase more goods and invest in their homes. The result sparked a surge in inbound shipments that strained ports and logistics, and depleted inventories.