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A strong dollar helped drive an uptick in U.S. imports last year, while export growth remained modest.
By Ana Swanson
Ana Swanson covers international trade and is based in Washington.
Feb. 5, 2025, 9:03 a.m. ET
The U.S. trade deficit in goods hit a record last year, as American consumers snapped up imported products and a strong U.S. dollar weighed on export growth.
Data released Wednesday morning by the Commerce Department showed that U.S. imports of goods and services grew 6.6 percent to $4.1 trillion, as Americans bought plenty of weight-loss drugs, auto parts, computers and food from other countries.
Overall U.S. exports to the world grew to $3.19 trillion in 2024, up 3.9 percent from the previous year, as the United States sold chips, computers, aircraft and business services to the world, but fewer cars and car parts.
America’s total trade deficit in goods and services, which consists of exports minus imports, grew 17 percent to $918.4 billion.
The U.S. recorded its largest trade deficit in goods with China, at $295.4 billion, followed by the European Union, Mexico, Vietnam and then Ireland.
The trends were driven largely by the strong performance of the U.S. economy, especially compared with the rest of the world. U.S. consumers have continued to spend generously on imports. And a strong U.S. dollar has made imports seem relatively cheap for American consumers, and American exports seem relatively expensive in foreign markets.
