In December 2025, the US goods and services trade deficit widened to $70.3 billion as imports rose and exports fell, driven by stronger goods imports and weaker industrial shipments, according to the Bureau of Economic Analysis.
For the full year 2025, the overall trade deficit slightly decreased to $901.5 billion from 2024, even though the goods deficit hit a record high of about $1.24 trillion. Exports of goods and services both grew (with notable increases in capital goods, industrial supplies, and services such as intellectual property and financial services), while imports of goods — especially capital goods like computers and telecommunications equipment also rose. The narrowing overall deficit was supported by a larger services surplus, though trade imbalances with key partners such as China, Mexico, and Taiwan remained significant. The BEA writes:
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.
U.S. International Trade in Goods and Services Deficit
Deficit:
$70.3 Billion
+32.6%°
Exports:
$287.3 Billion
–1.7%°
Imports:
$357.6 Billion
+3.6%°
Next release: To be determined. Report delayed due to recent lapse in federal funding.
(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes
Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, February 19, 2026
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.
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.
