The advance goods trade deficit widened to $98.5B in December (+19.0% MoM), alongside modest inventory changes.

• Goods exports fell to $180.0B (-$5.6B MoM), while goods imports rose to $278.6B (+$10.2B MoM), showing the deficit increase was driven by both weaker exports and stronger imports.

• Wholesale inventories increased +0.2% MoM to $917.2B and were +2.8% YoY, indicating continued stock accumulation relative to last year.

• The October to November wholesale inventory change remained unrevised at +0.2% MoM, suggesting stable recent inventory growth.

• Retail inventories were essentially flat at $812.5B (0.0% MoM) and +0.8% YoY, pointing to little month-to-month change but modest annual growth.

• The October to November retail inventory change was revised down to -0.5% MoM (from -0.1%), indicating weaker prior stock building than previously estimated.

The US goods trade deficit narrowed sharply in August to $85.5 billion (vs $95.7 billion expected), down -16.8% MoM from $102.8 billion in July, as both exports and imports declined.

• Goods exports fell -1.3% MoM and -0.4% YoY to $176.1 billion, marking a modest pullback from July. Consumer good exports were down -6.8% MoM and -5.4% YoY.
• Goods imports dropped -7.0% MoM and 4.1% YoY to $261.6 billion, a larger decline that drove the narrowing of the deficit. Industrial supplies imports dropped -18.9% MoM and 8.6% YoY.
• Wholesale inventories stood at $905.2 billion, down -0.2% MoM but still +0.7% YoY as nondurable whole inventories dropped -0.6% MoM.
• The prior July wholesale inventory estimate was revised down from +0.1% MoM to virtually unchanged, suggesting flatter mid-summer stock trends.
• Retail inventories came in at $809.4 billion, essentially flat MoM but up +1.0% YoY. When excluding the -0.4% MoM drop in auto inventories, retail inventories were up 0.3% MoM.
• July’s retail inventory change was revised down slightly from +0.2% MoM to +0.1% MoM, softening the earlier estimate.

The US goods trade deficit surged 22.1% MoM in July to $103.6 billion, well above expectations of a smaller increase to $89.5 billion.

• Exports fell -0.1% MoM though were up 3.0% YoY with capital goods exports up 7.0% YoY
• Imports surged 7.1% MoM, driven by a 25.4% MoM increase in industrial supply imports and a 4.8% MoM and 14.7% YoY increase in capital goods imports.
• Wholesale inventories were up 0.2% MoM and 1.3% YoY in July, down from 1.5% YoY in June.
• Retail inventories were up 0.2% MoM as well, with motor vehicle inventories up 0.3% MoM

The US trade deficit dropped -10.8% MoM in June to $86.0 billion (vs $98.4 billion expected), the smallest deficit since August 2023.

• Consumer goods imports saw the largest decline, dropping -12.4% MoM, followed by industrial supplies, down -5.5% MoM.
• Wholesale inventories rose 0.2% MoM and 1.5% YoY in June 2025, while retail inventories increased 0.3% MoM and 2.5% YoY.
• Durable goods wholesale inventories rose 0.1% MoM, while nondurable goods inventories rose 0.3% MoM and 3.8% YoY.
• Retail inventories excluding autos were unchanged MoM but up 4.2% YoY.
• Motor vehicle and parts dealer inventories rose 0.9% MoM but remained down -1.0% YoY.