2026-03-12 12:32:00
- Prior was -72.9B
- Goods trade -80.8B vs -98.54B
This is a better start for Q1 after a big negative surprise in late 2025 on trade.
The U.S. international trade report, published jointly by the Census Bureau and the Bureau of Economic Analysis, tracks the monthly flow of goods and services between the United States and its trading partners. It is a key input to GDP calculations and a closely watched barometer of global demand and competitiveness.
In December 2025, the goods and services deficit widened sharply to $70.3 billion, up from $53.0 billion in November and well above the consensus forecast of $55.5 billion. Exports fell 1.7 percent to $287.3 billion, dragged down by a large decline in nonmonetary gold shipments, while imports rose 3.6 percent to $357.6 billion, led by computer accessories and telecommunications equipment. The goods deficit alone reached $99.3 billion, the largest since July, while the services surplus narrowed to $29.0 billion.
For full-year 2025, the U.S. recorded a trade deficit of $901.5 billion, essentially flat compared with $903.5 billion in 2024 and just below the record $923.7 billion shortfall set in 2022. Exports rose 6.2 percent to $3.43 trillion, led by gains in nonmonetary gold, intellectual property charges, and natural gas. Imports climbed 4.8 percent to $4.33 trillion, driven by computers and capital goods.
Trade dynamics in 2025 were heavily shaped by tariff policy. Imports surged to record levels in the first half of the year as businesses front-loaded purchases ahead of higher duties, then cooled markedly in the second half as the levies took hold. Bilateral deficits narrowed with the EU and China but widened significantly with Mexico, Vietnam, and Taiwan, suggesting trade was being rerouted rather than reduced overall. The December report was delayed until February 19 due to the partial government shutdown.
