The goods and services deficit widened to $70.3 billion in December (+$17.3 billion MoM, +32.6% MoM), driven by lower exports and higher imports and signalling a monthly deterioration in the trade balance.

• Exports fell to $287.3 billion in December (-$5.0 billion vs November), with goods exports down about $5.5 billion; industrial supplies and nonmonetary gold led declines, down $8.7 billion and $7.1 billion respectively. This pushed nominal export weakness in the month.

• Imports rose to $357.6 billion in December (+$12.3 billion MoM), with goods imports up $10.2 billion. Notable gains included industrial supplies +$7.0 billion, capital goods +$5.6 billion, and computer accessories +$3.4 billion, indicating stronger import demand for intermediate and capital items.

• The goods deficit expanded to $99.3 billion in December (+$15.7 billion MoM), while the services surplus narrowed to $29.0 billion (-$1.6 billion MoM), together accounting for the larger overall deficit.

• On a real basis, the goods deficit rose $12.5 billion to $97.1 billion as real exports fell -$4.2 billion and real imports rose +$8.4 billion, showing the deterioration reflected volume changes as well as nominal flows.

• Country breakdowns showed widening deficits with several partners, including Taiwan (deficit up $4.1 billion to $19.8 billion), while the surplus with Switzerland fell sharply by $8.0 billion to $0.1 billion, highlighting uneven bilateral shifts.

• For the year 2025, the annual goods and services deficit was $901.5 billion, a small decline of $2.1 billion from 2024; annual exports rose $199.8 billion (+6.2%) and annual imports rose $197.8 billion (+4.8%), leaving a year-to-year balance that was broadly unchanged despite the monthly swing.

The U.S. goods and services trade deficit widened to $56.8B in November 2025 (+94.6% MoM; largest MoM move on record), reversing October’s sharp narrowing amid falling exports and rising imports.

• Exports declined to $292.1B (-$10.9B MoM; -3.6% MoM), driven by an -$11.1B drop in goods exports led by industrial supplies (-$6.1B), nonmonetary gold (-$4.2B), and consumer goods (-$3.1B), while services exports edged up +$0.2B.

• Imports increased to $348.9B (+$16.8B MoM; +5.0% MoM), with goods imports up +$16.8B led by consumer goods (+$9.2B), capital goods (+$7.4B), pharmaceuticals (+$6.7B), and computers (+$6.6B), while services imports dipped -$0.1B.

• The goods deficit widened +$27.9B MoM to $86.9B, while the services surplus rose slightly +$0.3B to $30.1B, showing the deterioration was concentrated in merchandise trade.

• Year-to-date, the total trade deficit rose +$32.9B (+4.1% YoY), as exports increased +6.3% YoY and imports increased +5.8% YoY, indicating faster import growth over 2025 overall.

• The three-month average deficit edged up to $44.7B (+$0.4B), though it was -$33.8B lower YoY, with average exports up +$23.4B YoY and average imports down -$10.4B YoY.

• On a real basis, the goods deficit expanded +$23.5B MoM (+36.9%) to $87.1B, as real exports fell -6.0% MoM and real imports rose +6.3% MoM, confirming a large volume-driven widening.

• Bilaterally, deficits widened with the EU (+$8.2B to $14.5B) and Singapore (from +$1.8B to -$1.1B), while the surplus with Switzerland rose to $7.8B (+$0.6B), highlighting uneven partner-level shifts.

The U.S. goods and services trade deficit narrowed to $29.4B (vs $58.9 bil expected) in October (-39.0% MoM), the lowest since 2009 amid record exports and falling imports.

• Exports rose to a record $302.0B (+$7.8B MoM; +2.6% MoM), driven by a $7.1B increase in goods exports to $195.9B and a $0.7B rise in services exports to a record $106.1B, indicating broad-based export strength.

• Imports declined to $331.4B (-$11.0B MoM; -3.2% MoM), with goods imports falling $12.1B to $255.0B, led by sharp declines in consumer goods (-$14.0B) and pharmaceuticals (-$14.3B).

• The goods deficit narrowed -$19.2B MoM to $59.1B, the lowest since March 2016, while the services surplus edged down -$0.4B to $29.8B, showing the improvement was concentrated in merchandise trade.

• Year-to-date, the total trade deficit widened +$56.0B (+7.7% YoY), as imports (+6.6% YoY) continued to outpace exports (+6.3% YoY) despite October’s sharp monthly improvement.

• The three-month average deficit fell to $44.4B (-$15.0B), with average exports up $6.0B and average imports down $9.0B, pointing to a sustained recent narrowing trend.

• Real goods trade improved materially, with the real goods deficit shrinking -19.8% MoM to $63.1B; real exports rose +3.9% MoM while real imports fell -4.2% MoM, reinforcing the strength of volume-adjusted trade flows.

• By partner, the deficit with Ireland narrowed sharply to $3.2B (-$15.1B MoM), while deficits widened with Taiwan (+$6.3B to $15.7B) and Mexico remained elevated at $17.9B, highlighting divergent bilateral trade dynamics.

The U.S. trade deficit narrowed -10.9% MoM to $52.8 billion in September, the smallest since mid-2020, as exports rose sharply (+3.0% MoM) while imports increased only modestly (+0.6% MoM).

• Exports rose to $289.3 billion (+$8.4B MoM), driven by an $8.8B increase in goods exports, with nonmonetary gold alone contributing +$6.1B, underscoring its outsized role in the monthly gain.

• Imports increased to $342.1 billion (+$1.9B MoM), reflecting a small uptick in goods imports (+$1.7B), led by consumer goods (+$10.2B) and pharmaceuticals (+$12.9B), partly offset by declines in capital goods (-$5.6B) and computers (-$4.7B).

• The goods deficit narrowed -$7.1B to $79.0B, while the services surplus decreased -$0.6B to $26.2B, showing improvement concentrated in merchandise trade.

• Year-to-date, the total deficit widened +17.2% YoY (+$112.6B), as stronger import growth (+7.7% YoY) continued to outpace exports (+5.2% YoY), despite September’s improvement.

• The three month average deficit fell to $63.1B (-$2.1B MoM), with average exports up +$3.2B and average imports up +$1.1B, indicating recent softening in import demand.

• Real goods exports increased +4.2% MoM (+$6.2B), while real goods imports rose +0.7% MoM (+$1.5B), narrowing the real goods deficit by -5.6% MoM to $79.0B, a smaller improvement than the nominal decline.

• Switzerland shifted from a small deficit to a $6.6B surplus, reflecting a $7.1B jump in exports, while the deficit with China narrowed -$4.0B to $11.4B as imports declined sharply (-$3.9B).

The U.S. trade deficit narrowed sharply in August 2025 to $59.6 billion, improving -23.8% MoM from July’s revised $78.2 billion, reflecting a large drop in imports that outweighed stable exports.

• Exports rose +0.1% MoM to $280.8 billion, a modest $0.2 billion increase driven by higher services exports, signaling broadly steady outbound trade activity.

• Imports fell -5.1% MoM to $340.4 billion, an $18.4 billion decline led by sharp drops in industrial supplies, nonmonetary gold, consumer goods, and capital goods.

• The goods deficit shrank by -$18.1 billion to $85.6 billion, the smallest since September 2023, while the services surplus increased +$0.5 billion to a record $26.1 billion, both contributing to the overall deficit improvement.

• Year-to-date, the trade deficit widened +25.0% YoY (+$142.5 billion), as imports (+9.2% YoY) continued to outpace exports (+5.1% YoY), showing that August’s improvement was counter to the broader annual trend.

• The three-month average deficit decreased to $65.6 billion, as average exports were little changed while average imports fell $3.7 billion, indicating recent softening in import demand.

• Goods exports slipped -$0.5 billion MoM, with declines in consumer goods (-$1.5 billion), pharmaceuticals (-$1.2 billion), and industrial supplies (-$0.6 billion) partly offset by gains in capital goods (+$2.4 billion) and computers (+$2.3 billion).

• Goods imports plunged -$18.6 billion MoM, led by industrial supplies (-$11.3 billion), nonmonetary gold (-$9.3 billion), and consumer goods (-$3.7 billion), marking one of the broadest monthly declines across categories.

• In real terms, the inflation-adjusted goods deficit narrowed -16.9% MoM to $83.7 billion, as real imports fell -7.2% while real exports dipped only -0.4%, highlighting a substantial improvement in real net trade.