Washington: The US trade deficit surged by 24.7% month-on-month to $98.4 billion in December 2024, marking its highest level since March 2022, the Commerce Department's Census Bureau reported on Wednesday.

According to Anadolu Agency, this figure exceeded the market forecast of $96.5 billion, with the trade gap for November having been revised to $78.9 billion. In anticipation of President Donald Trump's tariffs, American businesses increased their imports by 3.5% month-on-month, resulting in a record-breaking $364.9 billion in imports.

Conversely, exports experienced a decline, dropping 2.6% from the previous month to $266.5 billion. Over the entire year of 2024, the goods and services deficit grew by 17% compared to the previous year, reaching $918.4 billion.

During this period, exports rose by 3.9% to $3.2 trillion, while imports increased by 6.6% to $4.1 trillion. The most significant trade deficits were recorded with China at $295.4 billion, the European Union at $235.6 billion, and Mexico at $171.8 billion. The trade deficit with Canada was reported at $63.34 billion.