The U.S. trade deficit surged to a record high in 2021 as imports increased sharply amid the restocking of shelves to meet robust domestic demand.
The Commerce Department said Feb. 8 that the trade deficit increased 27% last year to an all-time high of $859.1 billion. The deficit was at $676.7 billion in 2020.
The trade gap represented 3.7% of gross domestic product, up from 3.2% in 2020. The economy grew 5.7% in 2021, the strongest since 1984.
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