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.