US and UK post record trade deficits

Container ship in Port of Oakland, USA - RIA Novosti, 1920, 03/22/2023
Container ship in the port of Oakland, USA. archive photo

US and UK post record trade deficits in 2022

MOSCOW, March 22 – RIA Novosti. According to an analysis of data from national statistical services by RIA Novosti, in 2022 the United States and the United Kingdom posted record trade deficits of $1.18 trillion and $290.4 billion, leading the major economies in this indicator.

By the end of 2022, the United States had increased its trade deficit by 9.9%, bringing it to a maximum of $1.18 trillion in the entire observation history. Last year’s record figures were also recorded by the UK, whose trade deficit increased by a third to $290.4 billion, and India, which increased its trade deficit to $268.3 billion in half last year.

People near the coast of Silicon Valley in Santa Clara, California - RIA Novosti, 1920, 17.03.2023

Nearly 200 US banks could repeat the fate of the SVB, according to research

France, whose foreign trade deficit increased by 1.8 times and reached 171.7 billion dollars, ranked fourth among the major economies, while Japan, whose foreign trade deficit increased by about 10 times and reached 150.5 billion dollars, took place in the last five.

Turkey (109.5 billion dollars), Spain (71.5 billion dollars), the Philippines (58.2 billion dollars), Hong Kong (49.8 billion dollars), and Bangladesh ($48.1 billion).

The absolute leader in growth in the trade deficit was Poland, where the figure increased by 52.5 times to $21 billion. It also more than doubled in Turkey, Spain, Mexico, New Zealand and Finland.

In addition, six economies with trade surpluses in 2021 moved into negative territory last year: South Korea, Italy, Thailand, Hungary, Chile, Slovakia and Sweden.

As a result, the world’s 35 largest economies posted a total trade deficit of $2.9 trillion in 2022, compared to 29 economies of $2.1 trillion the previous year.

The study was conducted by RIA Novosti, based on data from the national statistical services of the world’s 60 largest economies. The last example to be published includes economies that announced January-December data last year as of mid-March and recorded a negative trade balance in this period. Data are presented in US dollars. If the statistics service provided information in national currency only, monthly or annual data were recalculated at the average exchange rate for the period.

US Federal Reserve System (FRS) - RIA Novosti, 1920, 17.03.2023

US banks borrowed record amount from Fed

Source: Ria





Leave a Reply

Your email address will not be published. Required fields are marked *