Market Updates
U.S. Trade Deficit Widened In December and 2024 as Businesses Front Load Shipments
Brian Turner
05 Feb, 2025
Washington, D.C.
The U.S. international trade deficit soared in December and expanded in 2024 amid growing trade tensions.
The US trade deficit expanded to $98.4 billion in December 2024, following a revised $78.9 billion gap in November, the U.S. Bureau of Economic Analysis reported Wednesday.
The goods deficit increased by $18.9 billion to $123 billion, and the services surplus shrank by $0.6 billion to $24.5 billion.
Total imports advanced 3.5% to $364.9 billion, while exports declined 2.6% to $266.5 billion, mainly due to crude oil, pharmaceutical preparations, and computers.
For 2024, the deficit increased 17% from 2023 to $918.4 billion.
For 2024, exports rose 3.9% to $3.2 trillion, and imports expanded by 6.6% to $4.1 trillion, resulting in an increase of 17% in deficit to $918.4 billion.
The largest trade deficits were recorded with China, totaling $295.4 billion, with the EU advancing to $235.6 billion, with Mexico expanding to $171.8 billion, and Vietnam increasing to $123.5 billion.
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