| Nov 2025 | Nov 2024 | Y/Y difference | 12-month average | Past 12 months | |
|---|---|---|---|---|---|
| Goods | |||||
| Exports | $185.64B | $176.51B | 5.17% | $182.48B | $2.19T |
| – Imports | $272.54B | $282.51B | -3.53% | $288.50B | $3.46T |
| Goods trade balance | -$86.90B | -$106.00B | -18.02% | -$106.02B | -$1.27T |
| Services | |||||
| Exports | $106.41B | $99.32B | 7.14% | $102.38B | $1.23T |
| – Imports | $76.34B | $73.07B | 4.47% | $74.39B | $892.72B |
| Services trade balance | $30.08B | $26.25B | 14.58% | $27.98B | $335.80B |
| Total | |||||
| Exports | $292.05B | $275.83B | 5.88% | $284.85B | $3.42T |
| – Imports | $348.88B | $355.58B | -1.89% | $362.89B | $4.35T |
| Total trade balance | -$56.82B | -$79.75B | -28.75% | -$78.04B | -$936.45B |
The Bureau of Economic Analysis adjusted the November 2025 Census basis figures for goods exports by about 0.00 percent, and for goods imports by about 0.01 percent. See the Notes section for more information about these adjustments. This section reports the trade figures for goods as collected by the U.S. Census Bureau without adjustment unless specified otherwise.
Over the 12 months through November 2025, the U.S. had the largest goods trade deficits with:
Over the 12 months through November 2025, the U.S. had the largest goods trade surpluses with:
| Trading partner | Past 12 months | Share of past 12 months | Nov 2025 | Nov 2024 | Y/Y difference |
|---|---|---|---|---|---|
| China | -$214.61B | 17.12% | -$13.94B | -$25.17B | -44.61% |
| Mexico | -$197.36B | 15.74% | -$17.90B | -$15.29B | 17.06% |
| Vietnam | -$171.62B | 13.69% | -$15.48B | -$10.89B | 42.05% |
| Taiwan | -$133.34B | 10.64% | -$14.99B | -$5.60B | 167.36% |
| Ireland | -$118.40B | 9.44% | -$3.02B | -$9.29B | -67.54% |
| Germany | -$73.49B | 5.86% | -$6.67B | -$6.48B | 2.90% |
| Thailand | -$67.73B | 5.40% | -$7.46B | -$3.75B | 98.78% |
| Japan | -$64.02B | 5.11% | -$4.77B | -$5.48B | -12.82% |
| India | -$57.53B | 4.59% | -$3.44B | -$3.25B | 5.59% |
| South Korea | -$56.28B | 4.49% | -$3.28B | -$5.00B | -34.30% |
| Trading partner | Past 12 months | Share of past 12 months | Nov 2025 | Nov 2024 | Y/Y difference |
|---|---|---|---|---|---|
| Netherlands | $59.99B | -4.79% | $5.62B | $5.27B | 6.51% |
| United Kingdom | $30.39B | -2.42% | $4.06B | $349.65M | 1,061.12% |
| Hong Kong | $26.89B | -2.15% | $2.15B | $1.99B | 8.16% |
| United Arab Emirates | $23.57B | -1.88% | $2.81B | $1.63B | 72.18% |
| Brazil | $13.14B | -1.05% | $2.10B | $189.01M | 1,009.88% |
| Panama | $8.50B | -0.68% | $730.06M | $902.61M | -19.12% |
| Belgium | $8.30B | -0.66% | $1.16B | $551.37M | 110.47% |
| Egypt | $6.62B | -0.53% | $582.58M | $497.14M | 17.18% |
| Spain | $5.62B | -0.45% | $281.49M | $304.20M | -7.47% |
| Dominican Republic | $5.31B | -0.42% | $419.74M | $544.68M | -22.94% |
| Exported good | Past 12 months | Share of past 12 months | Nov 2025 | Nov 2024 | Y/Y difference |
|---|---|---|---|---|---|
| Civilian aircraft, engines, equipment, and parts | $149.72B | 6.92% | $12.15B | $9.88B | 22.99% |
| Pharmaceutical preparations | $118.08B | 5.45% | $8.81B | $9.22B | -4.48% |
| Crude oil | $100.24B | 4.63% | $7.47B | $9.46B | -21.02% |
| Nonmonetary gold | $81.08B | 3.75% | $12.87B | $2.39B | 439.52% |
| Petroleum products, other | $74.05B | 3.42% | $6.73B | $6.71B | 0.23% |
| Industrial machines, other | $70.21B | 3.24% | $5.25B | $5.79B | -9.23% |
| Semiconductors | $66.89B | 3.09% | $5.37B | $5.49B | -2.30% |
| Other parts and accessories of vehicles | $57.00B | 2.63% | $4.52B | $4.95B | -8.60% |
| Electric apparatus | $56.71B | 2.62% | $4.42B | $4.85B | -8.93% |
| Computer accessories | $53.46B | 2.47% | $5.50B | $3.28B | 67.71% |
| Export destination | Past 12 months | Share of past 12 months | Nov 2025 | Nov 2024 | Y/Y difference |
|---|---|---|---|---|---|
| Mexico | $334.37B | 15.45% | $26.62B | $26.95B | -1.25% |
| Canada | $331.25B | 15.30% | $25.34B | $28.65B | -11.54% |
| China | $110.22B | 5.09% | $7.01B | $12.60B | -44.39% |
| United Kingdom | $95.51B | 4.41% | $8.89B | $6.39B | 39.15% |
| Netherlands | $94.62B | 4.37% | $8.17B | $7.93B | 3.01% |
| Japan | $82.20B | 3.80% | $7.04B | $6.60B | 6.66% |
| Germany | $81.04B | 3.74% | $6.81B | $6.41B | 6.36% |
| Switzerland | $68.85B | 3.18% | $11.14B | $1.89B | 490.12% |
| South Korea | $68.14B | 3.15% | $5.44B | $5.15B | 5.79% |
| Brazil | $53.91B | 2.49% | $4.31B | $4.17B | 3.32% |
| Customs district | Past 12 months | Share of past 12 months | Air | Vessel | Road, rail, and other |
|---|---|---|---|---|---|
| Houston-Galveston, TX | $243.50B | 11.25% | $12.37B | $230.93B | $194.85M |
| New York City, NY | $237.54B | 10.97% | $191.29B | $44.42B | $1.83B |
| Laredo, TX | $167.92B | 7.76% | $541.10M | $615.14M | $166.77B |
| New Orleans, LA | $146.53B | 6.77% | $63.24B | $80.77B | $2.51B |
| Detroit, MI | $134.76B | 6.22% | $3.74B | $960.18M | $130.06B |
| Los Angeles, CA | $131.36B | 6.07% | $73.01B | $56.80B | $1.54B |
| Low Value | $97.46B | 4.50% | $0.00 | $0.00 | $97.46B |
| Chicago, IL | $93.78B | 4.33% | $92.19B | $586.73M | $1.00B |
| Miami, FL | $83.24B | 3.84% | $52.73B | $29.04B | $1.46B |
| Savannah, GA | $71.41B | 3.30% | $28.52B | $39.97B | $2.93B |
| Imported good | Past 12 months | Share of past 12 months | Nov 2025 | Nov 2024 | Y/Y difference |
|---|---|---|---|---|---|
| Pharmaceutical preparations | $293.17B | 8.58% | $19.04B | $21.22B | -10.28% |
| Computers | $203.47B | 5.95% | $25.47B | $9.63B | 164.58% |
| Passenger cars, new and used | $182.72B | 5.35% | $13.67B | $18.60B | -26.49% |
| Crude oil | $141.84B | 4.15% | $9.62B | $12.68B | -24.15% |
| Other parts and accessories of vehicles | $138.71B | 4.06% | $10.41B | $11.48B | -9.35% |
| Computer accessories | $137.34B | 4.02% | $11.91B | $9.54B | 24.86% |
| Finished metal shapes | $115.41B | 3.38% | $2.42B | $4.63B | -47.65% |
| Telecommunications equipment | $110.23B | 3.22% | $10.38B | $7.35B | 41.11% |
| Cell phones and other household goods, n.e.c. | $109.37B | 3.20% | $9.53B | $10.32B | -7.67% |
| Electric apparatus | $107.22B | 3.14% | $8.23B | $9.20B | -10.58% |
| Import origin | Past 12 months | Share of past 12 months | Nov 2025 | Nov 2024 | Y/Y difference |
|---|---|---|---|---|---|
| Mexico | $531.73B | 15.55% | $44.52B | $42.24B | 5.38% |
| Canada | $386.75B | 11.31% | $28.36B | $33.50B | -15.34% |
| China | $324.83B | 9.50% | $20.95B | $37.77B | -44.54% |
| Vietnam | $187.06B | 5.47% | $17.19B | $12.12B | 41.81% |
| Taiwan | $186.82B | 5.46% | $20.26B | $9.28B | 118.38% |
| Germany | $154.53B | 4.52% | $13.49B | $12.89B | 4.62% |
| Japan | $146.22B | 4.28% | $11.82B | $12.08B | -2.17% |
| Ireland | $137.18B | 4.01% | $4.75B | $10.66B | -55.48% |
| South Korea | $124.42B | 3.64% | $8.73B | $10.14B | -13.96% |
| Switzerland | $115.49B | 3.38% | $3.49B | $5.71B | -38.98% |
| Customs district | Past 12 months | Share of past 12 months | Air | Vessel | Road, rail, and other |
|---|---|---|---|---|---|
| New York City, NY | $396.92B | 11.61% | $221.31B | $168.00B | $7.61B |
| Los Angeles, CA | $379.53B | 11.10% | $102.31B | $276.87B | $347.59M |
| Chicago, IL | $367.25B | 10.74% | $261.50B | $53.64B | $52.11B |
| Laredo, TX | $311.86B | 9.12% | $6.63B | $3.46B | $301.76B |
| Savannah, GA | $184.31B | 5.39% | $74.15B | $109.98B | $172.42M |
| Detroit, MI | $151.43B | 4.43% | $2.27B | $7.93B | $141.23B |
| San Francisco, CA | $142.63B | 4.17% | $88.95B | $53.50B | $181.67M |
| Cleveland, OH | $135.70B | 3.97% | $93.19B | $37.32B | $5.18B |
| El Paso, TX | $127.80B | 3.74% | $11.64B | $2.81B | $113.35B |
| New Orleans, LA | $124.63B | 3.65% | $66.24B | $54.53B | $3.86B |
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.
Over the 12 months through November 2025, the top categories of goods by calculated duty revenue were passenger cars, new and used ($23.59 billion); other parts and accessories of vehicles ($16.39 billion); and apparel, textiles, nonwool or cotton ($12.86 billion).
The average applied duty rates on those goods were 12.65 percent, 12.13 percent, and 24.98 percent, respectively.
| Imported good | Calculated duty | Average applied duty rate |
|---|---|---|
| Passenger cars, new and used | $23.59B | 12.65% |
| Other parts and accessories of vehicles | $16.39B | 12.13% |
| Apparel, textiles, nonwool or cotton | $12.86B | 24.98% |
| Electric apparatus | $12.36B | 12.12% |
| Cell phones and other household goods, n.e.c. | $10.33B | 8.87% |
| Industrial machines, other | $9.72B | 11.66% |
| Apparel, household goods - cotton | $8.57B | 20.35% |
| Toys, games, and sporting goods | $6.58B | 15.99% |
| Furniture, household goods, etc. | $5.16B | 13.45% |
| Telecommunications equipment | $5.10B | 4.65% |
| Imported good | Calculated duty | Average applied duty rate |
|---|---|---|
| Iron and steel, advanced | $4.19B | 32.36% |
| Iron and steel products, n.e.c. | $2.68B | 25.97% |
| Apparel, textiles, nonwool or cotton | $12.86B | 24.98% |
| Glassware, chinaware | $630.43M | 23.97% |
| Camping apparel and gear | $3.19B | 22.62% |
| Cookware, cutlery, tools | $2.58B | 22.58% |
| Bauxite and aluminum | $3.45B | 21.45% |
| Footwear | $3.89B | 21.40% |
| Apparel, household goods - wool | $602.48M | 20.68% |
| Apparel, household goods - cotton | $8.57B | 20.35% |
Over the 12 months through November 2025, the top countries of origin by calculated duty revenue were China ($89.63 billion), Mexico ($18.08 billion), and Vietnam ($15.48 billion).
The average applied duty rates on the goods from those countries were 28.34 percent, 3.41 percent, and 8.10 percent, respectively.
| Country of origin | Calculated duty | Average applied duty rate |
|---|---|---|
| China | $89.63B | 28.34% |
| Mexico | $18.08B | 3.41% |
| Vietnam | $15.48B | 8.10% |
| Japan | $14.38B | 9.91% |
| Germany | $11.30B | 7.28% |
| South Korea | $10.15B | 8.24% |
| India | $8.56B | 8.29% |
| Canada | $8.31B | 2.15% |
| Italy | $5.24B | 6.91% |
| Thailand | $5.21B | 6.03% |
| Country of origin | Calculated duty | Average applied duty rate |
|---|---|---|
| China | $89.63B | 28.34% |
| Bangladesh | $2.09B | 21.98% |
| Burma (Myanmar) | $154.21M | 20.02% |
| Sri Lanka | $564.05M | 17.71% |
| Azerbaijan | $22.67M | 17.61% |
| Belize | $10.08M | 16.93% |
| Pakistan | $927.85M | 16.93% |
| Cambodia | $2.43B | 16.22% |
| Bahrain | $184.32M | 15.32% |
| Uruguay | $215.36M | 14.12% |
Terms of trade (ToT) is the ratio of a country’s export prices to its import prices. Stronger ToT means a country can buy more imports for a given amount of exports. A stronger U.S. dollar can improve U.S. ToT with trading partners by lowering the dollar price of imports from the foreign country.
The U.S. dollar:
Weakened against the Chinese yuan by 2.7 percent.
Weakened against the Euro by 9.6 percent.
Weakened against the British pound by 4.5 percent.
Strengthened against the Japanese yen by 4.6 percent.
Weakened against the Mexican peso by 10.5 percent.
| Currency | Nov 28, 2025 | Oct 27, 2025 | M/M difference | Dec 02, 2024 | Y/Y difference |
|---|---|---|---|---|---|
| Chinese yuan | ¥7.08 | ¥7.11 | -0.49% | ¥7.27 | -2.70% |
| Euro | €0.86 | €0.86 | 0.31% | €0.95 | -9.62% |
| British pound | £0.76 | £0.75 | 0.69% | £0.79 | -4.53% |
| Japanese yen | ¥156.17 | ¥153.09 | 2.01% | ¥149.26 | 4.63% |
| Mexican peso | MX$18.29 | MX$18.39 | -0.55% | MX$20.44 | -10.49% |
Note: Currencies are sorted in alphabetical order by their ISO 4217 codes. The date shown in the third column is the date 22 business days before the date shown in the second column.
Inflation of all exports was 3.29 percent year-over-year.
| Nov 2025 | Oct 2025 | M/M difference | Nov 2024 | Y/Y difference | |
|---|---|---|---|---|---|
| Month-over-month inflation | |||||
| All exports | 0.00% | ||||
| Agricultural exports | 0.86% | 0.39% | 0.47pp | 0.18% | 0.68pp |
| Nonagricultural exports | 0.00% | ||||
| Foods, feeds, and beverages | 0.97% | 0.17% | 0.80pp | -0.04% | 1.01pp |
| Industrial supplies and materials | -0.05% | ||||
| Capital goods | 0.08% | ||||
| Automotive vehicles, parts, and engines | 0.08% | ||||
| Consumer goods | 0.00% | ||||
| Year-over-year inflation | |||||
| All exports | 3.29% | 0.88% | 2.41pp | ||
| Agricultural exports | 2.64% | 1.94% | 0.70pp | -1.73% | 4.37pp |
| Nonagricultural exports | 3.29% | 1.21% | 2.08pp | ||
| Foods, feeds, and beverages | 3.41% | 2.38% | 1.03pp | -0.39% | 3.80pp |
| Industrial supplies and materials | 4.66% | 0.05% | 4.61pp | ||
| Capital goods | 2.10% | 2.22% | -0.12pp | ||
| Automotive vehicles, parts, and engines | 2.53% | 3.00% | -0.47pp | ||
| Consumer goods | 2.37% | -0.42% | 2.79pp |
This inflation can reflect both changes in trade policy and the composition of goods imported in each category. See the Notes section for important information on interpreting this data.
Inflation of all imports was 7.58 percent year-over-year.
| Nov 2025 | Oct 2025 | M/M difference | Nov 2024 | Y/Y difference | |
|---|---|---|---|---|---|
| Month-over-month inflation | |||||
| All imports | 0.15% | ||||
| Fuels and lubricants | 1.08% | ||||
| All imports, excluding fuels | 0.08% | ||||
| Foods, feeds, and beverages | -2.15% | 2.05% | -4.20pp | 1.67% | -3.82pp |
| Industrial supplies and materials | 0.28% | ||||
| Capital goods | -0.21% | ||||
| Automotive vehicles, parts, and engines | -0.11% | ||||
| Consumer goods | 0.11% | ||||
| Year-over-year inflation | |||||
| All imports | 7.58% | 1.50% | 6.08pp | ||
| Fuels and lubricants | -1.72% | -8.73% | 7.01pp | ||
| All imports, excluding fuels | 8.25% | 2.51% | 5.74pp | ||
| Foods, feeds, and beverages | 5.04% | 9.15% | -4.11pp | 6.62% | -1.58pp |
| Industrial supplies and materials | 8.33% | 0.54% | 7.79pp | ||
| Capital goods | 7.59% | 0.63% | 6.96pp | ||
| Automotive vehicles, parts, and engines | 11.35% | 2.65% | 8.70pp | ||
| Consumer goods | 8.69% | 1.31% | 7.38pp |
| Date | Time | Release | Data source |
|---|---|---|---|
| Feb 05 | 08:30 AM | Monthly Trade Update, December 2025 | Bureau of Economic Analysis |
| Feb 06 | 08:30 AM | Monthly Employment Update, January 2026 | Bureau of Labor Statistics |
| Feb 06 | 10:00 AM | Monthly Debt Update, January 2026 | U.S. Treasury |
| Feb 11 | 08:30 AM | Monthly Inflation Update, January 2026 | Bureau of Labor Statistics |
| Feb 12 | 10:00 AM | Monthly Fiscal Update, January 2026 | U.S. Treasury |
| Feb 26 | 08:30 AM | Monthly Expenditures Update, January 2026 | Bureau of Economic Analysis |
| Feb 26 | 08:30 AM | Monthly GDP Update, Q4 2025 Second Estimate | Bureau of Economic Analysis |
Sources: Bureau of Economic Analysis; U.S. Census Bureau; U.S. Department of the Treasury; Bureau of Labor Statistics; JEC Republicans calculations
Duty: Customs duties are calculated by Customs and Border Protection and may overstate or understate the final total that is ultimately collected by the U.S. Treasury. These duties include tariffs.
Average applied duty rate: The sum of calculated duties as a share of total imports for consumption.
Imports for consumption: The total value of goods cleared through U.S. Customs either by entering consumption channels immediately or by entering via a bonded warehouse or Foreign Trade Zone under CBP custody.
Bonded warehouses: Private warehouses that hold goods after arrival to the U.S. under a bond that indemnifies the government until import duties are paid for those goods.
Foreign Trade Zones: Areas in or around ports where goods brought to the U.S. can be processed and modified before entering customs territory. If these goods leave the U.S. instead of entering U.S. customs territory, they are considered re-exports.
This type of imports include only those goods that enter U.S. customs territory, not all goods that physically arrive in U.S. ports. Duties are only paid on those goods that enter customs territory, so this type of imports is used in the “Import duties” section of this update.
Port district: Groups of air, land, and sea ports, typically in close geographical proximity to one another, categorized by CBP. The full list of districts and their ports are published in Schedule D, a statistical annex in the Harmonized Tariff Schedule, and can be found here.
Low-value shipments: Shipments whose value is so low that trade is estimated instead of being based on trade filings. These are shipments with a value of less than $2,500 for exports.
N.E.C.: “Not elsewhere classified”
Y/Y difference: The change from the same month one year prior.
Census basis: All data on the international trade of goods comes from the U.S. Census Bureau, which gathers data from U.S. Customs and Border Protection (CBP), Canadian Customs, and Statistics Canada. The Bureau of Economic Analysis (BEA) makes some adjustments to this data to create the headline trade figures shown in the section above, such as including nonmonetary gold trade, goods procured in foreign ports by U.S. carriers, goods procured in U.S. ports by foreign carriers, imports by U.S. military agencies, and more. The full list of adjustments can be found here.
In November, adjustments to exports amounted to $676.00 million, or 0.00 percent.
In November, adjustments to imports amounted to $1.54 billion, or 0.01 percent.
Therefore, in total, the trade balance figure for November adjusted by BEA is $859.00 million higher than the respective Census basis figure.
Over the 12 months through November 2025, adjustments to exports amounted to $13.36 billion, or 0.01 percent.
Over the 12 months through November 2025, adjustments to imports amounted to $23.59 billion, or 0.01 percent.
Therefore, in total, the trade balance figure for the past 12 months adjusted by BEA is $10.23 billion higher than the respective Census basis figure.
Balance of payments: The data adjusted by the BEA to align with its concepts and definitions used in the international and national economic accounts.
Corrections to exports to Canada: The data for exports to Canada in the current year are estimates of late arrivals and corrections. These values are adjusted to the actual value annually.
Duty effect: JEC Republicans adjust the price index for imported goods from BLS, which excludes import duties, with the average applied duty rates derived from Census data to estimate post-duty price indexes. These rates are affected by changes in policy that impact the proportion of each good’s value collected by the government as a duty. Additionally, because these rates are averaged across broad categories of goods, changes can reflect the composition of goods imported within the category, for example a relative shift from goods with high duty rates toward those with lower duty rates. Therefore, the post-duty price index inflation reported may reflect not only policy changes but also shifts in the composition of imports.
Totals: Totals of values “from November 2024 to November 2025” are the sum over 12 months, inclusive of the latter month but not the former. Year-over-year values represent the change from November 2024 to November 2025.