US trade hits record levels

Imports and Exports | | MIC Customs Solutions |

The record pace of trade set by the US shows no sign of abating this year.

US trade for the first part of this year is already ahead of the record pace set in 2021, according to new data. 
Figures released by the US Census Bureau and collated by Forbes show exports topped $300 billion (€275 billion) during the first two months of 2022 for the first time, while imports almost hit $500 billion. 
This represented a total trade value of above $700 billion, which was up more than 20 percent on the corresponding figures recorded last year. 
A large part of this was down to oil imports, with the value jumping as a result of factors such as the ongoing coronavirus pandemic and the war in Ukraine. 
Meanwhile, the top exports were also refined petroleum products as the US stepped in to relieve the shortfall that came from sanctions on Russian products. 
America’s biggest trade partners proved to be Mexico, China and Canada, which accounted for around 43 percent of all US trade. 
The news came after the US posted a near-record trade deficit of $89.2 billion for February 2022, above the $88.5 billion forecast by the Wall Street Journal.