The U.S. trade deficit increased in December as imports surged amid the restocking of shelves by businesses, culminating in the largest shortfall on record in 2021.
The Commerce Department said on Tuesday that the trade deficit rose 1.8% to $80.7 billion in December. Data for November was revised lower to show a $79.3 billion gap instead of the previously reported $80.2 billion. Economists polled by Reuters had forecast a $83.0 billion deficit.
The deficit jumped 27.0% to $859.1 billion in 2021. That was the highest on record and followed a $676.7 billion shortfall in 2020.