On the export side, industrial supplies and materials contributed significantly, with an increase of $4.3 billion, driven by petroleum products and crude oil. Auto exports grew by $1.9 billion, driven by higher deliveries of passenger cars and trucks. Capital goods also showed strength, rising $1.8 billion, led by aircraft engines and machinery.
However, imports increased at a faster pace. Imports of goods increased by $11.6 billion, with notable contributions from industrial supplies ($3.7 billion), capital goods ($3.5 billion) and food products ($1.4 billion). Higher semiconductor imports, along with crude oil and non-monetary gold, indicated strong domestic demand.
Trading trends from the year to date
For the year to date, the trade deficit widened by $93.9 billion, up 13% from the same period in 2023. Exports increased by 4% to $111.5 billion, while imports rose by 5.8 % increased by $205.3 billion. The three-month moving average of the trade deficit also rose by $2.5 billion, reflecting persistent imbalances.
Major country-specific trade movements
The US maintained surpluses with countries such as the Netherlands ($5.4 billion) and South and Central America ($3.6 billion). However, deficits with China ($25.4 billion), the European Union ($20.5 billion) and Mexico ($15.4 billion) continued to weigh on overall balances. A notable increase in the deficit with France by $2.2 to $2.3 billion underlines rising imports of French goods.
The U.S. trade relationship with Japan showed improvement, with the deficit falling by $1.2 billion to $5.3 billion, driven by increased exports and reduced imports.