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. In November, the United States ran a total trade deficit of $56.8 billion, up $27.62 billion from October. The trade deficit is 27 percent below the 12-month average and 95 percent higher than October.

In trade of goods, the U.S. ran a trade deficit of $86.90 billion, up $27.92 billion from October and 18 percent below the 12-month average. In trade of services, the U.S. ran a trade surplus of $30.08 billion, up $298.00 million from October and 7 percent above the 12-month average.

Over the 12 months through November 2025, the U.S. ran a total trade deficit of $936.45 billion. In trade of goods, the U.S. ran a trade deficit of $1.27 trillion. In trade of services, the U.S. ran a trade surplus of $335.80 billion.

The largest trade deficits over the 12 months through November 2025, were with China, with net exports of -$214.61 billion, 17.12 percent of the total goods trade deficit; Mexico, with net exports of -$197.36 billion, 15.74 percent of the total goods trade deficit; and Vietnam, with net exports of -$171.62 billion, 13.69 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 $59.99 billion, -4.79 percent of the total goods trade deficit; United Kingdom, with net exports of $30.39 billion, -2.42 percent of the total goods trade deficit; and Hong Kong, with net exports of $26.89 billion, -2.15 percent of the total goods trade deficit.

Additionally, over the 12 months through November 2025, the most exported goods by value were civilian aircraft, engines, equipment, and parts; pharmaceutical preparations; and crude oil. Together, these goods accounted for 17.00 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 19.87 percent of the value of all imported goods over those 12 months.

In November 2025, the U.S. calculated $25.76 billion in import duties, which is 28.18 percent higher than the 12-month average. Over the 12 months through November 2025, the U.S. calculated $241.12 billion in import duties. In November 2025, the average applied duty rate, defined as calculated duty revenue as a share of total imports for consumption, was 9.99 percent, which is 2.69 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/. 

###