The latest trade report will give Trump something more to howl about.

(Click on image to enlarge)

Monthly balance of trade data from Census Department, chart by Mish

On February 5, the Census Department issued a report on the International Trade in Goods and Services for December 2024.

Exports, Imports, and Balance

• December exports were $266.5 billion, $7.1 billion less than November exports.
• December imports were $364.9 billion, $12.4 billion more than November imports.
• The December increase in the goods and services deficit reflected an increase in the goods deficit of $18.9 billion to $123.0 billion and a decrease in the services surplus of $0.6 billion to $24.5 billion.
• For 2024, the goods and services deficit increased $133.5 billion, or 17.0 percent, from 2023.
• Exports increased $119.8 billion or 3.9 percent. Imports increased $253.3 billion or 6.6 percent.

Real Goods in 2017 Dollars – Census Basis

• The real (inflation-adjusted) goods deficit increased $14.9 billion, or 15.4 percent, to $111.9 billion in December, compared to a 17.3 percent increase in the nominal deficit.
• Real exports of goods decreased $5.4 billion, or 3.7 percent, to $141.9 billion, compared to a 3.8 percent decrease in nominal exports.
• Real imports of goods increased $9.5 billion, or 3.9 percent, to $253.8 billion, compared to a 4.0 percent increase in nominal imports.

Annual Goods and Services Balance of Trade

(Click on image to enlarge)

Annual balance of trade data from Census Department, chart by Mish

Two Important Points

• Biden kept intact all of Trump’s tariffs and added more
• Trade Wars are Good and Easy to Win

I am sure glad we proved point number two. Have we declared victory yet?

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