U.S. Monthly and Annual International Trade in Goods and Services Report

Key Chapter Title List

1. Exports, Imports, and Trade Balance
2. Three-Month Moving Average
3. Goods Exports
4. Services Exports
5. Goods Imports
6. Services Imports
7. Real Goods Trade in 2017 Dollars
8. Data Revisions
9. Goods Trade with Selected Countries and Regions
10. 2025 Annual Summary
11. Annual Goods Exports
12. Annual Services Exports
13. Annual Goods Imports

Document Introduction

This report provides a comprehensive and detailed analysis of the United States' international trade in goods and services for December 2025 and the full year, based on official statistics jointly released by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis on February 19, 2026. The report aims to offer professional researchers the latest and most authoritative quantitative assessment of U.S. trade flows, structural changes, and bilateral trade relationships. All data are seasonally adjusted and serve as core foundational material for analyzing the U.S. macroeconomic external balance, industrial competitiveness, and global supply chain dynamics.

The report first presents key trade indicators for December 2025. In that month, the U.S. trade deficit in goods and services widened significantly to $70.3 billion, an increase of $17.3 billion from the revised $53.0 billion in November. This change primarily resulted from a $15.7 billion expansion in the goods deficit to $99.3 billion, combined with a $1.6 billion reduction in the services surplus to $29.0 billion. Specifically, December exports were $287.3 billion, a decrease of $5.0 billion from the previous month, while imports were $357.6 billion, an increase of $12.3 billion. The report further provides analysis based on a three-month moving average, showing that the average deficit for the three months ending in December was $50.7 billion, a decrease of $32.9 billion compared to the same period the previous year, indicating a moderation in the U.S. trade imbalance over a longer observation period.

At the structural analysis level, the report breaks down goods and services imports and exports by category. In December, goods exports decreased by $5.5 billion to $180.8 billion, mainly dragged down by reduced exports of industrial supplies and materials (particularly nonmonetary gold), although exports of capital goods (e.g., semiconductors) and consumer goods (e.g., pharmaceutical preparations) saw growth. Services exports increased slightly by $0.5 billion to $106.5 billion, with travel services being the main contributor. On the import side, goods imports increased by $10.2 billion to $280.2 billion, driven mainly by industrial supplies and materials (e.g., copper, crude oil) and capital goods (e.g., computer accessories, telecommunications equipment), while consumer goods imports declined significantly. Services imports increased by $2.0 billion to $77.4 billion, primarily driven by transportation and travel services. The report also specifically provides data on real goods trade in 2017 dollars, revealing changes in actual trade volume after removing price effects.

The report includes a dedicated section detailing U.S. bilateral goods trade with major trading partners. In December 2025, the United States maintained trade surpluses with countries and regions such as the Netherlands, Central and South America, and the United Kingdom, while recording significant deficits with Taiwan, Vietnam, Mexico, China, and the European Union. The report focuses on analyzing monthly trade balance changes and their import-export composition with Switzerland, Taiwan, and Mexico, providing precise data anchors for research on geo-economics and bilateral relations.

Finally, the report systematically summarizes the full-year trade panorama for 2025. In 2025, the U.S. trade deficit in goods and services was $901.5 billion, a slight decrease of $2.1 billion from 2024. Annual exports increased by $199.8 billion to $3,432.3 billion, while imports increased by $197.8 billion to $4,333.8 billion. The marginal improvement in the annual deficit stemmed from a significant $27.6 billion increase in the services surplus to $339.5 billion, partially offsetting the $25.5 billion expansion in the goods deficit to $1,240.9 billion. Structurally, for the full year, capital goods and industrial supplies were the main drivers of growth in both imports and exports. However, the direction and magnitude of changes in specific categories (e.g., computers, civilian aircraft, nonmonetary gold) varied, profoundly reflecting the restructuring of global industrial chains, fluctuations in commodity prices, and the structural characteristics of U.S. domestic demand. The data and detailed classifications in this report provide indispensable raw material for in-depth analysis of industrial competitiveness, supply chain risk assessment, and evaluation of macroeconomic policy effectiveness.