WASHINGTON, DC – Today, the Joint Economic Committee released its analysis of the latest Monthly Trade Update based on information compiled from the Bureau of Economic Analysis, U.S. Census Bureau, Treasury Department, and the Bureau of Labor Statistics. The total trade deficit in 2025 was $901.5 billion, down slightly (0.2%) from the $903.5 billion in 2024. In December, the U.S. ran a total trade deficit of $70.3 billion, up $17.27 billion from the November deficit of $56.8 billion, and is six percent below the 12-month average.

In trade of goods, the U.S. ran a trade deficit of $99.33 billion, up $15.69 billion from November and 4 percent below the 12-month average. In trade of services, the U.S. ran a trade surplus of $29.02 billion, down $1.58 billion from November and 3 percent above the 12-month average.

Over the 12 months through December 2025, in trade of goods, the U.S. ran a trade deficit of $1.24 trillion. In trade of services, the U.S. ran a trade surplus of $339.47 billion.

The largest trade deficits over the 12 months through December 2025, were with China, with net exports of -$202.07 billion, 16.33 percent of the total goods trade deficit; Mexico, with net exports of -$196.91 billion, 15.92 percent of the total goods trade deficit; and Vietnam, with net exports of -$178.18 billion, 14.40 percent of the total goods trade deficit. Over the same time period, the U.S. had the largest goods trade surpluses with Netherlands, with net exports of $60.70 billion, -4.91 percent of the total goods trade deficit; United Kingdom, with net exports of $32.22 billion, -2.60 percent of the total goods trade deficit; and Hong Kong, with net exports of $28.54 billion, -2.31 percent of the total goods trade deficit.

Additionally, over the 12 months through December 2025, the most exported goods by value were civilian aircraft, engines, equipment, and parts; pharmaceutical preparations; and crude oil. Together, these goods accounted for 17.09 percent of the value of all exported goods over those 12 months. Over the same time period, the most imported goods by value were pharmaceutical preparations; computers; and passenger cars, new and used. Together, these goods accounted for 20.04 percent of the value of all imported goods over those 12 months.

In December 2025, the U.S. calculated $26.19 billion in import duties, which is 20.52 percent higher than the 12-month average. Over the 12 months through December 2025, the U.S. calculated $260.80 billion in import duties. In December 2025, the average applied duty rate, defined as calculated duty revenue as a share of total imports for consumption, was 9.42 percent, which is 1.53 percentage points higher than the 12-month average.

For the full update, with greater detail of the U.S.’ exports, imports, duties, and trading partners, visit https://www.jec.senate.gov/public/index.cfm/republicans/trade-update/. 

###