Trade Balance - Dec 2026

Trade deficit sees second large monthly increase taking total 2025 deficit to third highest on record

Feb 19, 2026

US Trade Balance (USD) Dec: -70.3B (est -55.5B; prev -56.8B; prevR -53.0B)
- Export (M/M): 3.6% (est 0.1%; prev 5.0%; prevR 4.2%)
- Import (M/M): -1.7% (est 0.1%; prev -3.6%; prevR -3.4%

Note: All numbers m/m and seasonally adjusted unless otherwise noted. Also note these are nominal so do not account for price changes.

After the trade deficit grew +84% in Nov, the most on record (in USD terms it widened by $24.3bn, the most since Jan ‘25) it grew another +32% in Dec (widened by $17.3bn) to $70.3bn. As you can see from the charts it capped a relatively wild year of swings that in the end saw the third largest cumulative increase in the trade deficit on record (down slightly (less than a tenth of a percent) from 2024.

Imports (which are ~30% larger than exports) grew by +3.6% m/m in Dec to the most since the record high in Mar ‘25, led by imports of industrial supplies and capital goods (the latter the highest on record) while consumer goods fell back on a big drop in pharma imports despite increases in computer accessories and motor vehicles. Last year, US companies imported nearly $145 billion worth of computers and accessories more than they did in 2024. Services imports (which includes foreign visitors) rose to a record high.

Exports dropped -1.7% in Dec to the least since Aug led by lower industrial supplies (including a large drop in gold) and “other” goods while exports of capital goods (led by semiconductors) and consumer goods (led by pharma) rose. Exports of autos in constant dollars (inflation adjusted) fell to the least since June 2020. Exports of services (which includes US overseas travel) grew to a record high).

“With December’s trade report in hand, we can estimate that net exports contributed little to real fourth-quarter GDP growth. In line with other recent data, imports of capital goods — led by AI related products — continued to signal strong domestic investment to end the year.” — Troy Durie, BBG.

In terms of countries, the trade deficits with Taiwan, Vietnam, Thailand were the highest on record (even as exports to Thailand were the highest on record), Ireland the lowest since Feb 2015.

The full year deficit with China narrowed to the smallest in more than 20 years.

Exports to Canada in Dec were the lowest since Jan ‘22.

Import price for crude ($57.53) was the lowest since April 2021.

Here’s more data from the report:

The December figures show surpluses, in billions of dollars, with Netherlands ($5.6), South and Central America ($4.3), United Kingdom ($3.7), Hong Kong ($2.5), Brazil ($2.1), Belgium ($1.4), Singapore ($1.1), Saudi Arabia ($0.2), Australia ($0.2), and Switzerland ($0.1). Deficits were recorded, in billions of dollars, with Taiwan ($19.8), Vietnam ($17.6), Mexico ($14.5), China ($12.4), European Union ($11.1), Germany ($6.9), South Korea ($5.8), Japan ($5.3), India ($5.2), Canada ($4.9), Malaysia ($3.0), Italy ($2.5), France ($2.4), Ireland ($2.0), and Israel ($0.8)

https://www.census.gov/foreign-trade/data/index.html

M/M Change in %