Back to today’s briefing

Story perspectives

U.S. Trade Deficit Hits Record $1.2 Trillion in 2024

2/5/2025

38 8

Summary

Story summary

In 2024, the U.S. trade deficit soared to a record $1.2 trillion, driven by high imports and weak exports.
Imports rose by 6.6% to $4.1 trillion, fueled by strong consumer demand.
Exports totaled $3.2 trillion, primarily from services, while goods exports fell due to a strong dollar and competition.
Strikes in the auto industry adversely affected vehicle and parts exports.

1 of 1

Story summary

In 2024, the U.S. trade deficit soared to a record $1.2 trillion, driven by high imports and weak exports.
Imports rose by 6.6% to $4.1 trillion, fueled by strong consumer demand.
Exports totaled $3.2 trillion, primarily from services, while goods exports fell due to a strong dollar and competition.
Strikes in the auto industry adversely affected vehicle and parts exports.