The U.S. goods trade deficit increased in 2024 to a record $1.2 trillion. The Commerce Department report also showed the United States ran record bilateral trade deficits with Mexico, Vietnam, India, Taiwan, South Korea and the 27-nation European Union.
U.S. goods imports in 2024 totaled $3.3 trillion, a record high, while exports were nearly $2.1 trillion, producing a 14 percent jump in the trade gap to $1.2 trillion.
The United States still runs a surplus in services trade, such as banking, travel and transportation. When that is included, the combined goods and services trade deficit totaled $918 billion in 2024, up 17 percent from 2023 and the second highest on record.
The report showed the U.S. trade deficit with China increased to $295 billion in 2024, but remained well below the record level of $418 billion set in 2018.