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 February was $57.35 billion, up $2.67 billion from January and 11 percent below the 12-month average.

In trade of goods, the U.S. ran a trade deficit of $84.60 billion, up $2.47 billion from January and 8 percent below the 12-month average. In trade of services, the U.S. ran a trade surplus of $27.26 billion, down $204.00 million from January and 1 percent below the 12-month average.

Over the 12 months through February 2026, the U.S. ran a total trade deficit of $775.60 billion. In trade of goods, the U.S. ran a trade deficit of $1.11 trillion. In trade of services, the U.S. ran a trade surplus of $329.60 billion.

Over the 12 months through February 2026, the U.S. had the largest goods trade deficits with Mexico, with net exports of -$194.61 billion, 17.76 percent of the total goods trade deficit; Vietnam, with net exports of -$187.93 billion, 17.15 percent of the total goods trade deficit; and China, with net exports of -$172.90 billion, 15.78 percent of the total goods trade deficit.

Over the same time period, the U.S. had the largest goods trade surpluses with The Netherlands, with net exports of $65.56 billion, -5.98 percent of the total goods trade deficit; United Kingdom, with net exports of $42.57 billion, -3.88 percent of the total goods trade deficit; and Hong Kong, with net exports of $36.16 billion, -3.30 percent of the total goods trade deficit.

Additionally, over the 12 months through February 2026, the most exported goods by value were civilian aircraft, engines, equipment, and parts; pharmaceutical preparations; and nonmonetary gold. Together, these goods accounted for 17.14 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 20.25 percent of the value of all imported goods over those 12 months.

In February 2026, the U.S. calculated $21.24 billion in import duties, which is 13.25 percent lower than the 12-month average. Over the 12 months through February 2026, the U.S. calculated $293.80 billion in import duties. In February 2026, the average applied duty rate, defined as calculated duty revenue as a share of total imports for consumption, was 8.48 percent, which is 0.56 percentage points lower 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/. 

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