The monthly U.S. trade deficit in goods and services jumped by another 33.9 percent to an all-time high in January (a month after a 24.7 percent increase) as imports soared ahead of the potential imposition of a raft of new tariffs. Several categories set records in import value and individual deficits with Canada, Ireland, Switzerland, and Australia were also at all-time highs.
Imports were up 10.0 percent, to a record $401.2 billion, from December to January. Imports of goods rose 12.3 percent to $329.5 billion, with increases of $20.5 billion for finished metal shapes, $5.2 billion for pharmaceutical preparations, and $3.0 billion for computers. Services imports were up 0.6 percent to $71.7 billion.
Exports were up 1.2 percent in January to $269.8 billion. Exports of goods gained 1.6 percent to $172.8 billion, with increases of $1.1 billion for civilian aircraft, $800 million for pharmaceutical preparations, and $700 million for semiconductors along with a decrease of $800 million for soybeans. Services exports were up 0.7 percent to a record $97.0 billion.
The monthly U.S. trade deficit rose from $98.1 billion in December to $131.4 billion in January. The deficit in goods trade was up 27.2 percent to $156.8 billion while the services trade surplus edged up 0.8 percent to $25.4 billion.
Year-over-year the U.S. trade deficit was up 96.5 percent from January 2024 as imports rose 23.1 percent and exports gained 4.1 percent.
For the month of January 2025, trade deficits and surpluses with major trading partners were as follows.
|
Country/region
|
Deficit
|
% Change
|
Surplus
|
% Change
|
|
China
|
$29.7 billion
|
+17.4
|
|
|
|
European Union
|
$25.5 billion
|
+25.0
|
|
|
|
Switzerland
|
$22.8 billion
|
+75.4
|
|
|
|
Mexico
|
$15.5 billion
|
+2.0
|
|
|
|
Ireland
|
$12.4 billion
|
+100.0
|
|
|
|
Vietnam
|
$11.9 billion
|
+4.4
|
|
|
|
Canada
|
$11.3 billion
|
+43.0
|
|
|
|
Germany
|
$7.6 billion
|
0
|
|
|
|
Taiwan
|
$7.5 billion
|
+8.9
|
|
|
|
Japan
|
$7.4 billion
|
+34.5
|
|
|
|
South Korea
|
$5.4 billion
|
-3.6
|
|
|
|
India
|
$4.2 billion
|
-14.3
|
|
|
|
Italy
|
$3.5 billion
|
-14.6
|
|
|
|
Malaysia
|
$2.5 billion
|
0
|
|
|
|
Australia
|
$2.0 billion
|
Shift from $0.2 billion surplus
|
|
|
|
Hong Kong
|
$1.4 billion
|
Shift from $0.7 billion surplus
|
|
|
|
France
|
$1.0 billion
|
-0.9
|
|
|
|
Singapore
|
$1.0 billion
|
+150.0
|
|
|
|
Israel
|
$0.6 billion
|
-25.0
|
|
|
|
United Kingdom
|
$0.5 billion
|
Shift from $2.3 billion surplus
|
|
|
|
Saudi Arabia
|
$0.1 billion
|
Shift from $0.4 billion surplus
|
|
|
|
Netherlands
|
|
|
$4.3 billion
|
-14.0
|
|
South/Central America
|
|
|
$4.3 billion
|
+22.9
|
|
Brazil
|
|
|
$0.6 billion
|
+50.0
|
|
Belgium
|
|
|
$0.6 billion
|
+100.0
|
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