US becoming more dependent on foreign goods

Posted On: May 22, 2022   |   Posted By: RT

US becoming more dependent on foreign goods

America's trade deficit continues to widen as exports shrink
The US trade deficit has soared past $1 trillion in 2021 for the first time on record, government estimates from the Census Bureau show. For the past year, the figure rose to an unprecedented $1.08 trillion from $893.5 billion in 2020, a record high of its own.
The goods-trade gap jumped 3% in December alone to $101 billion, posting the biggest monthly increase to date. Analysts explain the situation with the shift of consumer focus to imports of a variety of non-US-made products, like toys, smartphones, and appliances.
“ Strong demand and shifting consumer preferences during the pandemic led to a surge in imports that continues to outstrip exports and is contributing to all-time highs in the deficit, ” Rubeela Farooqi, chief US economist at New York-based High Frequency Economics, told Reuters.

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