Year-Month U.S. International Trade in Goods and Services Report

Key Chapter Title List

1. Overview of Goods and Services Trade Deficit
2. Three-Month Moving Average Trade Data
3. Detailed Category Statistics for Goods Exports
4. Detailed Category Statistics for Services Exports
5. Detailed Category Statistics for Goods Imports
6. Detailed Category Statistics for Services Imports
7. Real Goods Trade (in 2017 U.S. Dollars)
8. Goods Trade with Major Countries and Regions
9. Advanced Technology Products Trade Statistics
10. Energy-Related Petroleum Products Trade Details
11. Specialized Data on Automotive and Parts Trade
12. Trade Data Revision Notes and Methodological Explanations

Document Introduction

This report was jointly released by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis on February 5, 2025. It provides a comprehensive statistical analysis of U.S. international trade in goods and services for December 2024 and the full year, serving as a core official data source for assessing U.S. external economic relations and the global trade landscape. Based on a seasonally adjusted statistical framework, the report systematically presents key dimensions such as the trade balance, changes in the scale and structure of imports and exports, interactions with major trading partners, and dynamics of detailed categories.

In December 2024, the U.S. goods and services trade deficit reached $98.4 billion, a 24.7% increase from the revised $78.9 billion in November. This was mainly due to the goods deficit widening by $18.9 billion to $123.0 billion, while the services surplus decreased by $0.6 billion to $24.5 billion. For the full year, the 2024 trade deficit increased by $133.5 billion compared to 2023, a rise of 17.0%. Exports grew by 3.9% to $3,191.6 billion, and imports grew by 6.6% to $4,110.0 billion. The trade deficit as a percentage of nominal GDP increased from 2.8% to 3.1%.

In the detailed breakdown of goods trade, export growth in 2024 was concentrated in capital goods (computer accessories, civil aircraft engines, etc.), while import growth was primarily in capital goods (computer accessories, semiconductors, etc.) and consumer goods (pharmaceutical preparations, etc.). In services trade, travel, financial services, and telecommunications/computer/information services were the main drivers of export growth, while import growth was concentrated in travel, charges for the use of intellectual property, and transport services. Regarding major trading partners, the U.S. maintained trade surpluses with countries like the Netherlands and Central/South America in 2024, while running significant deficits with China, the European Union, Mexico, and others. The deficit with China reached $295.4 billion, making it the primary source of the deficit.

The report also includes methodological content such as data revision notes, seasonal adjustment methods, and explanations of non-sampling errors, as well as specialized product trade statistics classified under the North American Industry Classification System (NAICS). It provides policymakers, researchers, and businesses with trade data analysis support that combines both macro perspectives and micro details. The subsequent trade report for January 2025 will be released on March 6, 2025.