The United States' 2020 trade deficit reached its highest level in 12 years, according to the Commerce Department's data released on Friday.
The deficit for total goods and services was $678.7 billion last year – up $101.9 billion, or 17.6% – from $576.9 billion in 2019.
The overall trade deficit last year marked the highest level since 2008.
In 2020, America's total exports were $2.1 trillion, down $396.4 billion from the previous year, its lowest level since 2010. The country's total imports came at $2.8 trillion, down $294.5 billion from 2019.
In 2018, former U.S. President Donald Trump initiated several trade conflicts with China, Europe and other countries in efforts to resolve unfair commerce practices.
Although U.S. exports had a record drop after being hit by the coronavirus, its trade deficit with China fell. The world's biggest economy saw its imbalance with its runner-up decline by $34.4 billion to $310.8 billion in 2020, according to the data.
While America's exports to the Middle Kingdom increased by $18.2 billion to $124.6 billion last year, its imports from the world's second-largest economy decreased by $16.2 billion to $435.4 billion.
Last year, the U.S. had its largest trade deficit with its southern neighbor Mexico, $112.7 billion. While Germany came in second place with $57.3 billion, it was followed by Switzerland with $56.7 billion.
