The U.S. trade deficit increased 12.2 percent to a record $948.1 billion at the end of 2022, according to published data on the U.S. Department of Commerce website.

In 2022, the goods and services deficit was $948.1 billion, up $103 billion from $845 billion in 2021, the publication noted.

The documents pointed out that in December, the deficit rose 10.5% to $67.4 billion, while exports for the year rose by $453.1 billion to just over $3 trillion, while imports rose by $556.1 billion from values a year earlier, reaching $3.96 trillion.