News Release
U.S. International Trade in Goods and Services, January 2025
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $131.4 billion in January, up $33.3 billion from $98.1 billion in December, revised.
Deficit: | $131.4 Billion | +34.0%° |
Exports: | $269.8 Billion | +1.2%° |
Imports: | $401.2 Billion | +10.0%° |
Next release: Thursday, April 3, 2025 (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, March 6, 2025 |
Exports, Imports, and Balance (exhibit 1)
January exports were $269.8 billion, $3.3 billion more than December exports. January imports were $401.2 billion, $36.6 billion more than December imports.
The January increase in the goods and services deficit reflected an increase in the goods deficit of $33.5 billion to $156.8 billion and an increase in the services surplus of $0.2 billion to $25.4 billion.
Year-over-year, the goods and services deficit increased $64.5 billion, or 96.5 percent, from January 2024. Exports increased $10.6 billion or 4.1 percent. Imports increased $75.2 billion or 23.1 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $19.2 billion to $102.6 billion for the three months ending in January.
- Average exports increased $1.2 billion to $270.0 billion in January.
- Average imports increased $20.4 billion to $372.5 billion in January.
Year-over-year, the average goods and services deficit increased $37.1 billion from the three months ending in January 2024.
- Average exports increased $11.4 billion from January 2024.
- Average imports increased $48.5 billion from January 2024.
Exports (exhibits 3, 6, and 7)
Exports of goods increased $2.7 billion to $172.8 billion in January.
Exports of goods on a Census basis increased $2.8 billion.
- Capital goods increased $4.2 billion.
- Civilian aircraft increased $1.1 billion.
- Semiconductors increased $0.7 billion.
- Computers increased $0.5 billion.
- Civilian aircraft engines increased $0.5 billion.
- Consumer goods increased $1.7 billion.
- Pharmaceutical preparations increased $0.8 billion.
- Jewelry increased $0.6 billion.
- Other goods decreased $1.3 billion. (See the “Notice” for more information.)
- Foods, feeds, and beverages decreased $1.0 billion.
- Soybeans decreased $0.8 billion.
Net balance of payments adjustments decreased $0.1 billion.
Exports of services increased $0.6 billion to $97.0 billion in January.
- Financial services increased $0.2 billion.
- Telecommunications, computer, and information services increased $0.1 billion.
- Other business services increased $0.1 billion.
- Transport increased $0.1 billion.
- Maintenance and repair services increased $0.1 billion.
- Government goods and services decreased $0.3 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods increased $36.2 billion to $329.5 billion in January.
Imports of goods on a Census basis increased $36.2 billion.
- Industrial supplies and materials increased $23.1 billion.
- Finished metal shapes increased $20.5 billion.
- Consumer goods increased $6.0 billion.
- Pharmaceutical preparations increased $5.2 billion.
- Cell phones and other household goods increased $1.2 billion.
- Capital goods increased $4.6 billion.
- Computers increased $3.0 billion.
- Computer accessories increased $1.2 billion.
- Telecommunications equipment increased $1.1 billion.
Net balance of payments adjustments decreased $0.1 billion.
Imports of services increased $0.4 billion to $71.7 billion in January.
- Charges for the use of intellectual property increased $0.2 billion.
- Other business services increased $0.1 billion.
- Travel decreased $0.1 billion.
Real Goods in 2017 Dollars – Census Basis (exhibit 11)
The real goods deficit increased $30.8 billion, or 27.5 percent, to $142.9 billion in January, compared to a 27.4 percent increase in the nominal deficit.
- Real exports of goods increased $0.6 billion, or 0.4 percent, to $142.3 billion, compared to a 1.6 percent increase in nominal exports.
- Real imports of goods increased $31.4 billion, or 12.4 percent, to $285.2 billion, compared to a 12.5 percent increase in nominal imports.
Revisions
Exports and imports of goods and services were revised for July through December 2024 to incorporate more comprehensive and updated quarterly and monthly data. In addition to these revisions, seasonally adjusted data for all months of 2024 were revised so that the totals of the seasonally adjusted months equal the annual totals.
Revisions to December exports
- Exports of goods were revised down $0.1 billion.
- Exports of services were revised up $0.1 billion.
Revisions to December imports
- Imports of goods were revised up $0.2 billion.
- Imports of services were revised down $0.6 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The January figures show surpluses, in billions of dollars, with Netherlands ($4.3), South and Central America ($4.3), Belgium ($0.6), and Brazil ($0.6). Deficits were recorded, in billions of dollars, with China ($29.7), European Union ($25.5), Switzerland ($22.8), Mexico ($15.5), Ireland ($12.4), Vietnam ($11.9), Canada ($11.3), Germany ($7.6), Taiwan ($7.5), Japan ($7.4), South Korea ($5.4), India ($4.2), Italy ($3.5), Malaysia ($2.5), Australia ($2.0), Hong Kong ($1.4), France ($1.0), Singapore ($1.0), Israel ($0.6), United Kingdom ($0.5), and Saudi Arabia ($0.1).
- The deficit with Switzerland increased $9.8 billion to $22.8 billion in January. Exports increased $0.6 billion to $1.8 billion and imports increased $10.3 billion to $24.6 billion.
- The deficit with Ireland increased $6.2 billion to $12.4 billion in January. Exports increased less than $0.1 billion to $1.2 billion and imports increased $6.2 billion to $13.6 billion.
- The surplus with South and Central America increased $0.7 billion to $4.3 billion in January. Exports increased $0.3 billion to $18.0 billion and imports decreased $0.5 billion to $13.7 billion.
Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis (exhibit 20)
Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, fourth-quarter figures are now available.
The fourth-quarter figures show surpluses, in billions of dollars, with South and Central America ($19.1), Netherlands ($18.6), Australia ($7.1), Singapore ($7.0), Brazil ($7.0), United Kingdom ($4.9), Hong Kong ($4.3), Saudi Arabia ($3.4), and Belgium ($1.5). Deficits were recorded, in billions of dollars, with China ($68.8), Mexico ($48.0), European Union ($38.5), Vietnam ($32.7), Germany ($21.1), Taiwan ($18.9), Japan ($17.0), Switzerland ($15.7), India ($13.2), South Korea ($12.5), Italy ($11.1), Canada ($10.5), Ireland ($7.8), Malaysia ($7.4), France ($4.5), and Israel ($2.1).
- The deficit with Switzerland increased $12.1 billion to $15.7 billion in the fourth quarter. Exports decreased $1.6 billion to $18.8 billion and imports increased $10.6 billion to $34.5 billion.
- The deficit with India increased $3.4 billion to $13.2 billion in the fourth quarter. Exports decreased $0.2 billion to $20.6 billion and imports increased $3.2 billion to $33.8 billion.
- The deficit with the European Union decreased $5.8 billion to $38.5 billion in the fourth quarter. Exports decreased $0.9 billion to $164.8 billion and imports decreased $6.7 billion to $203.3 billion.
All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.
Next release: April 3, 2025, at 8:30 a.m. EDT
U.S. International Trade in Goods and Services, February 2025
Impact of Canada Border Services Agency’s (CBSA) Release of CBSA Assessment and Revenue Management (CARM)
The CBSA introduced a new accounting system (CARM) on October 21, 2024. As a result, importers in Canada have experienced delays in filing shipment information. These delays affected the compilation of statistics on U.S. exports of goods to Canada for September 2024 through January 2025, which are derived from data compiled by Canada through the United States - Canada Data Exchange. A dollar estimate of the filing backlog is included in estimates for late receipts and, following the U.S. Census Bureau’s customary practice for late receipt estimates, is included in the export end-use category “Other goods” as well as in exports to Canada. This estimate will be replaced with the actual transactions reported by the Harmonized System classification in June 2025 with the release of “U.S. International Trade in Goods and Services, Annual Revision.” Until then, please refer to the supplemental spreadsheet “CARM Exports to Canada Corrections,” which provides a breakdown of the late receipts by 1-digit end-use category for statistics through 2024. This spreadsheet will be updated as late export transactions are received to reflect reassignments from the initial “Other goods” category to the appropriate 1-digit end-use category. Any 2025 impacts will be revised in June 2026.
If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, International Trade Macro Analysis Branch, on 800-549-0595, option 4, or at eid.international.trade.data@census.gov.
Upcoming Changes to the Real (Chained-Dollar) Series
Effective with the release of the February 2025 statistics on April 3, 2025, the Census Bureau will continue to use the Bureau of Labor Statistics (BLS) U.S. Import and Export Price Indexes to calculate the chained-dollar series (exhibits 10 and 11). The BLS will be implementing changes to the indexes with the release of the February 2025 U.S. Import and Export Price Indexes on March 18, 2025. The changes to the indexes could impact the chained-dollar values. Please refer to the BLS notice for additional information on the Upcoming Change to Data Source for Import and Export Price Indexes: U.S. Bureau of Labor Statistics.
If you have any questions or need additional information, please contact the Census Bureau, Economic Statistical Methods Division, International Trade Statistical Methods Branch, on 301-763-3080.
Upcoming Updates to Goods and Services
With the releases of the “U.S. International Trade in Goods and Services” report (FT-900) and the FT-900 Annual Revision on June 5, 2025, statistics on trade in goods, on both a Census basis and a balance of payments (BOP) basis, will be revised beginning with 2020 and statistics on trade in services will be revised beginning with 1999. The revised statistics for goods on a BOP basis and for services will also be included in the “U.S. International Transactions, 1st Quarter 2025 and Annual Update” report and in the international transactions interactive database, both to be released by BEA on June 24, 2025.
Revised statistics on trade in goods will reflect:
- Corrections and adjustments to previously published not seasonally adjusted statistics for goods on a Census basis.
- End-use reclassifications of several commodities.
- Recalculated seasonal and trading-day adjustments.
- Newly available and revised source data on BOP adjustments, which are adjustments that BEA applies to goods on a Census basis to convert them to a BOP basis. See the “Goods (balance of payments basis)” section in the explanatory notes for more information.
Revised statistics on trade in services will reflect:
- Newly available and revised source data, primarily from BEA surveys of international services.
- Corrections and adjustments to previously published not seasonally adjusted statistics.
- Recalculated seasonal adjustments.
- Revised temporal distributions of quarterly source data to monthly statistics. See the “Services” section in the explanatory notes for more information.
A preview of BEA’s 2025 annual update of the International Transactions Accounts will be available in the Survey of Current Business in April 2025.
If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, International Trade Macro Analysis Branch, on (800) 549-0595, option 4, or at eid.international.trade.data@census.gov or BEA, Balance of Payments Division, at InternationalAccounts@bea.gov.