U.S. Import Value Soared in December Last Year

On February 5, the U.S. Department of Commerce released data showing that the U.S. goods and services trade deficit reached $98.4 billion in December 2024, up from $78.9 billion in November, marking a 24.7% month-over-month increase.

The data also revealed that U.S. imports surged by 3.5% to $364.9 billion in December, driving the sharp expansion of the trade deficit. Notably, industrial product imports soared by $10.8 billion.

Analysts believe that expectations of increased U.S. import tariffs prompted retailers to import and stockpile goods in advance at the end of last year, leading to the spike in imports. Additionally, many importers aimed to avoid potential disruptions from a dockworker strike, which was ultimately averted last month. Meanwhile, a stronger U.S. dollar increased the cost of U.S. goods for foreign buyers, negatively impacting exports.

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