Monday , March 4 2024

Trade rises to new high

Foreign trade surged 22.6 percent in 2021 to a new high of $668.5 billion despite the supply chain disruptions caused by Covid-19.

Exports were up 19 percent at over $336 billion, but domestic companies only accounted for 26.4 percent of it.

Over 35 categories of goods saw exports of over $1 billion.

Imports grew by 26.5 percent to $332 billion, with domestic companies accounting for 34 percent.

The U.S. was the biggest market buying goods worth $95.6 billion, while China was the biggest source of imports ($109.9 billion).

There was a trade surplus of $4 billion, the sixth straight year in which exports have exceeded imports.

But the trade deficit with China not only continued but increased by 53 percent to $54 billion.

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