The U.S. international trade deficit increased by nearly $105 billion in 2020, according to a report by the U.S. Bureau of Economic Analysis and the U.S. Census Bureau this week.
The deficit increased from $576.9 billion in 2019 to $681.7 billion in 2020, as exports decreased more than imports.
As a percentage of U.S. gross domestic product, the goods and services deficit was 3.3 percent in 2020, up from 2.7 percent in 2019.
The goods deficit increased from $864.3 billion in 2019 to $915.6 billion in 2020, and the services surplus decreased from $287.5 billion in 2019 to $233.9 billion in 2020.
To view the full report, click here.