U.S. International Trade in Goods and Services, December and Annual 2025

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $70.3 billion in December, up $17.3 billion from $53.0 billion in November, revised.

Exports, Imports, and Balance (exhibit 1)

December exports were $287.3 billion, $5.0 billion less than November exports. December imports were $357.6 billion, $12.3 billion more than November imports.

The December increase in the goods and services deficit reflected an increase in the goods deficit of $15.7 billion to $99.3 billion and a decrease in the services surplus of $1.6 billion to $29.0 billion.

For 2025, the goods and services deficit decreased $2.1 billion, or 0.2 percent, from 2024. Exports increased $199.8 billion or 6.2 percent. Imports increased $197.8 billion or 4.8 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $7.5 billion to $50.7 billion for the three months ending in December.

• Average exports decreased $2.2 billion to $294.1 billion in December.
• Average imports increased $5.3 billion to $344.8 billion in December.

Year-over-year, the average goods and services deficit decreased $32.9 billion from the three months ending in December 2024.

• Average exports increased $22.2 billion from December 2024.
• Average imports decreased $10.7 billion from December 2024.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $5.5 billion to $180.8 billion in December.

Exports of goods on a Census basis decreased $5.6 billion.

• Industrial supplies and materials decreased $8.7 billion.
  • Nonmonetary gold decreased $7.1 billion.
• Other goods decreased $1.3 billion.
• Capital goods increased $2.5 billion.
  • Semiconductors increased $0.9 billion.
• Consumer goods increased $1.8 billion.
  • Pharmaceutical preparations increased $1.3 billion.

Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $0.5 billion to $106.5 billion in December.

• Travel increased $0.4 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $10.2 billion to $280.2 billion in December.

Imports of goods on a Census basis increased $10.2 billion.

• Industrial supplies and materials increased $7.0 billion.
  • Nonmonetary gold increased $1.8 billion.
  • Copper increased $1.5 billion.
  • Crude oil increased $1.0 billion.
• Capital goods increased $5.6 billion.
  • Computer accessories increased $3.4 billion.
  • Telecommunications equipment increased $1.3 billion.
• Consumer goods decreased $3.5 billion.
  • Pharmaceutical preparations decreased $4.6 billion.

Net balance of payments adjustments increased less than $0.1 billion.

Imports of services increased $2.0 billion to $77.4 billion in December.

• Transport increased $1.5 billion.
• Travel increased $0.4 billion.

Real Goods in 2017 Dollars - Census Basis (exhibit 11)

The real goods deficit increased $12.5 billion, or 14.8 percent, to $97.1 billion in December, compared to a 19.0 percent increase in the nominal deficit.

• Real exports of goods decreased $4.2 billion, or 2.8 percent, to $144.9 billion, compared to a 3.0 percent decrease in nominal exports.
• Real imports of goods increased $8.4 billion, or 3.6 percent, to $242.0 billion, compared to a 3.8 percent increase in nominal imports.

Revisions

In addition to revisions to source data for the November statistics, the seasonally adjusted goods data were revised for January through November so that the totals of the seasonally adjusted months equal the annual totals.

Revisions to November exports

• Exports of goods were revised up $0.6 billion.
• Exports of services were revised down $0.4 billion.

Revisions to November imports

• Imports of goods were revised down $2.6 billion.
• Imports of services were revised down $0.9 billion.

Goods by Selected Countries and Areas: Monthly - Census Basis (exhibit 19)

The December figures show surpluses, in billions of dollars, with Netherlands ($5.6), South and Central America ($4.3), United Kingdom ($3.7), Hong Kong ($2.5), Brazil ($2.1), Belgium ($1.4), Singapore ($1.1), Saudi Arabia ($0.2), Australia ($0.2), and Switzerland ($0.1). Deficits were recorded, in billions of dollars, with Taiwan ($19.8), Vietnam ($17.6), Mexico ($14.5), China ($12.4), European Union ($11.1), Germany ($6.9), South Korea ($5.8), Japan ($5.3), India ($5.2), Canada ($4.9), Malaysia ($3.0), Italy ($2.5), France ($2.4), Ireland ($2.0), and Israel ($0.8).

• The surplus with Switzerland decreased $8.0 billion to $0.1 billion in December. Exports decreased $6.9 billion to $4.4 billion and imports increased $1.1 billion to $4.3 billion.
• The deficit with Taiwan increased $4.1 billion to $19.8 billion in December. Exports decreased $1.1 billion to $4.4 billion and imports increased $3.0 billion to $24.1 billion.
• The deficit with Mexico decreased $3.3 billion to $14.5 billion in December. Exports increased $2.0 billion to $30.6 billion and imports decreased $1.3 billion to $45.1 billion.

Annual Summary for 2025

Exports, Imports, and Balance (exhibit 1)

For 2025, the goods and services deficit was $901.5 billion, down $2.1 billion from $903.5 billion in 2024. Exports were $3,432.3 billion, up $199.8 billion from 2024. Imports were $4,333.8 billion, up $197.8 billion from 2024.

The 2025 decrease in the goods and services deficit reflected an increase in the goods deficit of $25.5 billion, or 2.1 percent, to $1,240.9 billion and an increase in the services surplus of $27.6 billion, or 8.9 percent, to $339.5 billion.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $117.7 billion to $2,197.5 billion in 2025.

Exports of goods on a Census basis increased $123.5 billion.

• Capital goods increased $63.9 billion.
  • Computers increased $16.7 billion.
  • Civilian aircraft increased $15.7 billion.
  • Computer accessories increased $15.6 billion.
  • Civilian aircraft engines increased $12.6 billion.
• Industrial supplies and materials increased $55.8 billion.
  • Nonmonetary gold increased $49.7 billion.
  • Finished metal shapes increased $19.6 billion.
  • Natural gas increased $19.3 billion.
  • Crude oil decreased $18.8 billion.
• Other goods increased $16.5 billion.
• Consumer goods increased $9.1 billion.
  • Pharmaceutical preparations increased $12.2 billion.
• Automotive vehicles, parts, and engines decreased $16.8 billion.
  • Passenger cars decreased $6.9 billion.
  • Trucks, buses, and special purpose vehicles decreased $5.8 billion.

Net balance of payments adjustments decreased $5.8 billion.

Exports of services increased $82.1 billion to $1,234.9 billion in 2025.

• Other business services increased $26.2 billion.
• Charges for the use of intellectual property increased $21.9 billion.
• Financial services increased $14.3 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $143.2 billion to $3,438.4 billion in 2025.

Imports of goods on a Census basis increased $149.3 billion.

• Capital goods increased $165.9 billion.
  • Computers increased $101.4 billion.
  • Computer accessories increased $42.7 billion.
  • Telecommunications equipment increased $30.3 billion.
• Industrial supplies and materials increased $23.3 billion.
  • Finished metal shapes increased $53.6 billion.
  • Nonmonetary gold increased $14.2 billion.
  • Crude oil decreased $27.6 billion.
• Other goods increased $18.5 billion.
• Automotive vehicles, parts, and engines decreased $52.0 billion.
  • Passenger cars decreased $34.4 billion.
  • Trucks, buses, and special purpose vehicles decreased $10.0 billion.

Net balance of payments adjustments decreased $6.1 billion.

Imports of services increased $54.5 billion to $895.4 billion in 2025.

• Other business services increased $18.7 billion.
• Travel increased $12.9 billion.

Real Goods in 2017 Dollars - Census Basis (exhibit 11)

The real goods deficit increased $64.4 billion, or 5.7 percent, to $1,197.1 billion in 2025, compared to a 2.1 percent increase in the nominal deficit.

• Real exports of goods increased $55.0 billion, or 3.2 percent, to $1,787.5 billion, compared to a 6.0 percent increase in nominal exports.
• Real imports of goods increased $119.4 billion, or 4.2 percent, to $2,984.6 billion, compared to a 4.6 percent increase in nominal imports.

Goods by Selected Countries and Areas - Census Basis (exhibits 14 and 14a)

The 2025 figures show surpluses, in billions of dollars, with Netherlands ($60.7), South and Central America ($52.4), United Kingdom ($32.2), Hong Kong ($28.5), and Brazil ($14.4). Deficits were recorded, in billions of dollars, with European Union ($218.8), China ($202.1), Mexico ($196.9), Vietnam ($178.2), Taiwan ($146.8), Ireland ($114.2), Germany ($73.0), Thailand ($71.9), Japan ($63.9), India ($58.2), South Korea ($56.4), Canada ($46.4), Switzerland ($34.3), Malaysia ($30.8), Italy ($30.8), Indonesia ($23.7), France ($18.1), Austria ($12.2), and South Africa ($10.1).

• The deficit with Taiwan increased $73.0 billion to $146.8 billion in 2025. Exports increased $12.1 billion to $54.7 billion and imports increased $85.2 billion to $201.4 billion.
• The deficit with Vietnam increased $54.7 billion to $178.2 billion in 2025. Exports increased $2.6 billion to $15.7 billion and imports increased $57.3 billion to $193.8 billion.
• The deficit with China decreased $93.4 billion to $202.1 billion in 2025. Exports decreased $36.9 billion to $106.3 billion and imports decreased $130.4 billion to $308.4 billion.

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau's Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA's website at www.bea.gov/news/schedule.

Next release: To be determined. See notice below.
U.S. International Trade in Goods and Services, January 2026