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February 05, 2025US TRADE BALANCE, DECEMBER AND ANNUAL 2024 Month over month (December 2024 vs November 2024)
The United States goods and services deficit widened by $19.5 billion to $98.4 billion. The goods deficit widened by $18.9 billion to $123.0 billion and the services surplus narrowed by $574 million to $24.5 billion.
Total exports decreased $7.1 billion to $266.5 billion. Goods exports decreased $7.5 billion to $170.2 billion and services exports increased $445 million to $96.3 billion.
Total imports increased $12.4 billion to $364.9 billion. Goods imports increased $11.4 billion to $293.1 billion and services imports increased $1.0 billion to $71.8 billion.
Year over year (December 2024 vs December 2023)
The US trade deficit widened by $33.5 billion. The goods deficit widened by $34.5 billion and the services surplus grew by $1.0 billion.
Total exports increased by $6.6 billion (+2.5%). Goods exports decreased $1.5 billion (-0.9%) and services exports increased $8.1 billion (+9.2%).
Total imports increased $40.1 billion (+12.4%). Goods imports increased $33.1 billion (+12.7%) and services imports increased $7.1 billion (+10.9%).
Annual (2024 vs 2023)
The US trade deficit widened by $133.5 billion (+17.0%) to $918.4 billion. The goods deficit widened by $148.5 billion (+14.0%) to $1,211.7 billion. The services surplus widened by $14.9 billion (+5.4%) to $298.3 billion.
Total exports increased by $119.8 billion (+3.9%) to $3,191.6 billion. Goods exports increased $38.6 billion (+1.9%) to $2,083.8 billion. Services exports increased $81.2 billion (+7.9%) to $1,107.8 billion.
Total imports increased $253.3 billion (+6.6%) to $4,110.0 billion. Goods imports increased $187.1 billion (+6.0%) to $3,295.6 billion. Services imports increased $66.2 billion (+8.9%) to $814.4 billion.
Source: U.S. Census Bureau and U.S. Bureau of Economic Analysis, retrieved Federal Reserve Bank of St. Louis using a FRED API.
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