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US 2017 trade deficit hits highest level since 2008

The U.S. international trade deficit widened to $566.0 billion in 2017, the highest since 2008 and up by $61.2 billion from $504.8 billion in 2016, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis reported.

Full-year exports increased $121.2 billion to $2.329 trillion in 2017 and imports rose $182.5 billion to $2.895 trillion.

The goods deficit climbed 7.6%, or $57.5 billion, to $810.0 billion in 2017, while the services surplus fell 1.5%, or $3.7 billion, to $244.0 billion.

The goods and services deficit was 2.9% of U.S. GDP in 2017, up from 2.7% in 2016.

In December 2017, the U.S. international trade deficit came in at $53.1 billion, up $2.7 billion from a revised $50.4 billion in the previous month. Exports went up by $3.5 billion to $203.4 billion in December 2017, and imports rose $6.2 billion to $256.5 billion.

The December 2017 goods deficit was $73.3 billion, up $2.6 billion from the prior month, while the services surplus decreased $100 million to $20.2 billion.