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US Trade Deficit Swells by 24.7 percent in December 2024 to Reach USD 98.4 Billion
(MENAFN) The US trade shortfall surged by 24.7 percent month-over-month to USD 98.4 billion in December 2024, marking its ultimate level since March 2022, as reported by the Commerce Department's Census Bureau on Wednesday.
This figure exceeded market expectations of USD 96.5 billion, with the trade shortfall for November revised to USD 78.9 billion.
In anticipation of tariffs imposed by US President Donald Trump, American businesses increased their imports by 3.5 percent month-on-month, reaching a record-high USD 364.9 billion.
Conversely, exports fell by 2.6 percent from the previous month, totaling USD 266.5 billion.
For the entire year of 2024, the goods and services shortfall rose by 17 percent compared to 2023, reaching USD 918.4 billion.
Exports grew by 3.9 percent, amounting to USD 3.2 trillion, while imports climbed by 6.6 percent to USD 4.1 trillion.
The largest trade deficits were recorded with China (USD 295.4 billion), the European Union (USD 235.6 billion), and Mexico (USD 171.8 billion), while the trade gap with Canada was USD 63.34 billion.
This figure exceeded market expectations of USD 96.5 billion, with the trade shortfall for November revised to USD 78.9 billion.
In anticipation of tariffs imposed by US President Donald Trump, American businesses increased their imports by 3.5 percent month-on-month, reaching a record-high USD 364.9 billion.
Conversely, exports fell by 2.6 percent from the previous month, totaling USD 266.5 billion.
For the entire year of 2024, the goods and services shortfall rose by 17 percent compared to 2023, reaching USD 918.4 billion.
Exports grew by 3.9 percent, amounting to USD 3.2 trillion, while imports climbed by 6.6 percent to USD 4.1 trillion.
The largest trade deficits were recorded with China (USD 295.4 billion), the European Union (USD 235.6 billion), and Mexico (USD 171.8 billion), while the trade gap with Canada was USD 63.34 billion.
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