• Export growth paced by consumer goods.

• Consumer & capital goods lead import gain.

The advance estimate of the U.S. international trade deficit in goods widened in December to a record $101.0 billion from $98.0 billion in November. During all of 2021, the deficit widened to a record $1.086 trillion. The Action Economics Forecast Survey expected a December deficit of $96.1 billion. Exports of goods rose 1.4% (19.9% y/y) following a 1.9% decline in November. Goods imports increased 2.0% in December (20.1% y/y) after surging 5.0% in November.

The rise in December exports was led by a 6.5% jump (34.0% y/y) in nonauto consumer goods which followed a 3.0% November decline. Auto & parts exports also rose 6.5% last month (-1.1% y/y) which came after a 2.0% decline. Capital goods exports followed with a 1.9% rise (13.2% y/y) after weakening 2.7% in November. Exports of industrial supplies & materials edged 0.7% higher at yearend (33.8% y/y) after falling 1.5%. To the downside, exports of foods, feeds and beverages were off 7.8% in December (+0.3% y/y) after surging for two consecutive months.

The December increase in imports was led by an 8.4% jump (-6.3% y/y) in imports of autos & parts. It followed two months of strong increase. Nonauto consumer goods imports surged 7.6% (21.6% y/y) after rising 4.6% in November. Capital goods imports rose 3.5% last month (16.1% y/y) after edging 0.4% higher in November. To the downside, industrial supplies & materials imports (which include petroleum products) fell 5.3% (+43.9% y/y) following a 10.3% November rise. Imports of foods, feeds and beverages declined 4.6% (+19.9%) after rising 3.4% in November.

The advance international trade data can be found in Haver's USECON database. The expectation figure is from the Action Economics Forecast Survey, which is in AS1REPNA.

Note: Current month is based on Advance Trade data; Previous months reflect revised data from International Trade release.