Updated: 05-Feb-25 09:26 ET
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Updated: 05-Feb-25 09:26 ET |
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Highlights
- The December Trade Balance Report showed a widening in the deficit to $98.4 billion (Briefing.com consensus -$98.0 billion) from a downwardly revised $78.9 billion (from -$78.2 billion) in November.
- December exports were $7.1 billion less than November exports while December imports were $12.4 billion more than November imports.
Key Factors
- Exports of consumer goods decreased $1.8 billion.
- Exports of industrial supplies and materials decreased $1.8 billion.
- Exports of capital goods decreased $1.4 billion.
- Exports of automotive vehicles, parts, and engines decreased $0.9 billion.
- Imports of industrial supplies and materials increased $10.8 billion.
- Imports of consumer goods increased $2.2 billion.
- Imports of capital gods increased $1.3 billion.
- Imports of automotive vehicles, parts, and engines decreased $2.2 billion.
- The December trade in goods deficit with China and the European Union was $25.3 billion and $20.4 billion, respectively.
- The real goods deficit increased $14.9 billion to $111.9 billion. That left the Q4 average (-$100.3 billion) 4.9% below the Q3 average (-$95.6 billion).
Big Picture
- The key takeaway from the report is that the big jump in imports was presumably a function of trying to get ahead of possible tariff actions.
Category |
DEC |
NOV |
OCT |
SEP |
AUG |
Trade Deficit |
-$98.4B |
-$78.9B |
-$74.2B |
-$84.3B |
-$71.2B |
Exports |
$266.5B |
$273.6B |
$266.5B |
$270.2B |
$272.8B |
Imports |
$364.9B |
$352.5B |
$340.7B |
$354.5B |
$344.0B |