December 09, 2025
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A first-half view of how gold, pharmaceuticals, electronics and energy reshaped the U.S. goods balance, built from U.S. Census statistics and CargoFax shipment records.
The first half of 2025 split into two very different quarters. Q1 was dominated by frontloaded imports of gold, pharmaceuticals and electronics ahead of tariff deadlines. Q2 moved in the opposite direction: exports strengthened, import sourcing shifted away from China, and the quarterly deficit improved.
This year’s narrative work is developed in partnership with Florida International University’s Master in Logistics and Supply Chain Management and MBA faculty and students.