The US trade deficit jumped 24.7% MoM to $98.4 billion in December as an increase in imports occurred as companies tried to build inventories ahead of tariffs. This was the largest trade deficit recorded since March 2022.

• Exports fell -2.6% MoM with drops across consumer goods, industrial supplies, and capital goods all around the same.
• Imports increased 3.5% MoM, pushed up by a $10.8 billion increase in industrial supplies & materials imports.
• For 2024, the goods and services deficit increased $133.5 billion, or 17%, from 2023. The inflation-adjusted trade deficit was also significantly higher in 2024, up $98.8 billion or 9.6%.