US Imports Rebound in November

US imports of goods and services rose by $16.8 billion, or 5.0%, to $348.9 billion in November 2025, partially rebounding from a 21-month low of $332.1 billion in October, driven entirely by goods imports, which climbed $16.8 billion to $272.5 billion. Consumer goods led the gains, up $9.2 billion, largely due to higher pharmaceutical imports. Capital goods imports also increased by $7.4 billion, supported by stronger inflows of computers and semiconductors, while imports of other goods rose by $1.9 billion. In contrast, industrial supplies and materials fell by $2.4 billion. Meanwhile, services imports edged down $0.1 billion to $76.3 billion, weighed mainly by lower travel-related spending.

US imports of goods and services fell $11.0 billion, or 3.2%, to $331.4 billion in October 2025, marking their lowest level since January 2024 and reflecting the dampening impact of tariffs on consumer demand. Imports of goods dropped $12.1 billion to $255.0 billion, largely due to a $14.3 billion decline in pharmaceutical preparations. Purchases of industrial supplies and materials also fell $2.7 billion, partly driven by reduced imports of nonmonetary gold. In contrast, capital goods imports rose $6.8 billion, supported by increased purchases of computer accessories, telecommunications equipment, and computers. Meanwhile, imports of services climbed $1.1 billion to $76.3 billion, with growth across travel, other business services, and insurance services.

US imports of goods and services edged up 0.6% to $342.1 billion in September 2025. Imports of goods rose by $1.7 billion to $266.6 billion, led by increases in pharmaceutical preparations (+$12.9 billion), nonmonetary gold (+$1.9 billion), and computer accessories (+$1.7 billion). On the other hand, purchases declined for crude oil (–$1.3 billion), computers (–$4.7 billion), and electric apparatus (–$1.5 billion). Imports of services increased by $0.3 billion to $75.5 billion.