In 2024, the U.S. recorded its highest trade deficit ever at $918.4 billion, with imports growing by 6.6% driven by American consumer spending on imported goods like weight-loss drugs and electronics. In contrast, exports rose by only 3.9% to $3.19 trillion, impacted by reduced sales of cars and car parts. The trade deficit was most significant with China at $295.4 billion. This trend reflects a strong U.S. economy amid a strong dollar, making imports cheaper and exports more expensive for foreign buyers.
The U.S. trade deficit in goods reached a record $918.4 billion in 2024, driven by strong consumer demand for imports and a strong dollar.
U.S. imports grew 6.6% to $4.1 trillion, with consumers buying more weight-loss drugs, auto parts, and food, while exports rose only 3.9% to $3.19 trillion.
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