U.S. markets closed
  • S&P Futures

    4,155.75
    -9.00 (-0.22%)
     
  • Dow Futures

    33,973.00
    -43.00 (-0.13%)
     
  • Nasdaq Futures

    13,887.25
    -32.00 (-0.23%)
     
  • Russell 2000 Futures

    2,228.20
    -10.20 (-0.46%)
     
  • Crude Oil

    61.17
    -0.18 (-0.29%)
     
  • Gold

    1,794.00
    +0.90 (+0.05%)
     
  • Silver

    26.56
    -0.01 (-0.06%)
     
  • EUR/USD

    1.2041
    +0.0001 (+0.01%)
     
  • 10-Yr Bond

    1.5640
    +0.0020 (+0.13%)
     
  • Vix

    17.50
    -1.18 (-6.32%)
     
  • GBP/USD

    1.3933
    +0.0001 (+0.01%)
     
  • USD/JPY

    108.0400
    -0.0030 (-0.00%)
     
  • BTC-USD

    54,026.65
    -2,421.96 (-4.29%)
     
  • CMC Crypto 200

    1,245.30
    -17.67 (-1.40%)
     
  • FTSE 100

    6,895.29
    +35.42 (+0.52%)
     
  • Nikkei 225

    28,829.32
    +320.77 (+1.13%)
     

U.S. trade deficit jumps to 12-year high in 2020

·1 min read
Shipping containers are stacked at the Paul W. Conley Container Terminal in Boston

WASHINGTON (Reuters) - The United States' trade deficit surged to its highest level in 12 years in 2020 as the COVID-19 pandemic disrupted the flow of goods and services.

The Commerce Department said on Friday that the trade deficit jumped 17.7% to $678.7 billion last year, the highest since 2008. Exports of goods and services tumbled 15.7% to their lowest level since 2010. Imports of goods and services dropped 9.5% to a four-year low.

The plunge in exports contributed to the economy shrinking 3.5% last year, the biggest drop in gross domestic product since 1946. Trade flows have been gradually improving. For December, the trade deficit narrowed 3.5% to $66.6 billion .

Economists polled by Reuters had forecast the trade gap would shrink to $65.7 billion in December.

Imports of goods rose 1.5% to $217.7 billion in December. Goods exports shot up 4.7% to $133.5 billion.

(Reporting By Lucia Mutikani; Editing by Chizu Nomiyama)