The U.S. trade deficit began to rise in 2020, reaching its highest level in 12 years, due to the repercussions of the coronavirus on global trade.
The U.S. Department of Commerce reported that the trade deficit reached $679 billion in 2020, an increase of 17.7% compared to the previous year, marking the highest level since 2008. The department further noted that the United States recorded a surplus of $237 billion in services trade last year; however, this was overshadowed by a deficit of $916 billion in goods trade, such as airplanes and auto parts. Exports of services declined by 20.4% during the past year. Additionally, the department's data showed a decrease in the exports of goods and services by 15.7%, totaling $2.1 trillion, the lowest level since 2010. Imports also fell by 9.5%, reaching $2.8 trillion during the past year, which is also the lowest level in four years.
