U.S. Trade Deficit Surges in December as Imports Jump

Note: This section contains information in English only.
Source: Dukascopy Bank SA
In December 2025, the U.S. trade deficit widened sharply to $70.3 billion, an increase of $17.3 billion from November. This expansion was driven primarily by a $15.7 billion rise in the goods deficit and a $1.6 billion narrowing of the services surplus. Total exports declined by $5.0 billion to $287.3 billion. Goods exports fell by $5.5 billion, largely due to decreases in industrial supplies and non-monetary gold, although capital goods, particularly semiconductors and consumer goods posted gains. Services exports edged up by $0.5 billion, supported mainly by travel. In contrast, total imports climbed by $12.3 billion to $357.6 billion.

Goods imports rose by $10.2 billion, led by increases in industrial supplies, capital goods such as computer accessories, and non-monetary gold, while imports of consumer goods and pharmaceutical preparations declined. Services imports increased by $2.0 billion, reflecting higher spending on transport and travel. For the full year 2025, the overall goods and services deficit narrowed slightly by $2.1 billion, or 0.2 percent, to $901.5 billion compared to 2024.

Both exports and imports grew over the year, with exports rising 6.2 percent, or $199.8 billion, and imports increasing 4.8 percent, or $197.8 billion. Export growth was driven by significant gains in capital goods such as computers and civilian aircraft, industrial supplies including non-monetary gold, and services such as business services and intellectual property charges, while automotive exports declined. On the import side, capital goods including computers and telecommunications equipment and industrial supplies recorded large increases, whereas imports of automotive vehicles and crude oil decreased.



Among key trading partners in December, the United States recorded surpluses with the Netherlands and South and Central America but ran deficits with Taiwan, Vietnam, Mexico, and China; notably, the deficit with Taiwan increased by $4.1 billion, while the deficit with Mexico narrowed by $3.3 billion. For the year as a whole, the deficit with China fell substantially by $93.4 billion to $202.1 billion, while deficits with Taiwan and Vietnam widened significantly, increasing by $73.0 billion and $54.7 billion, respectively. After adjusting for inflation, the real goods deficit rose 14.8 percent in December to $97.1 billion, and for the full year it increased 5.7 percent to $1,197.1 billion.

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