US Trade Deficit by Country 2024 (2024)

FAQs

What is the US trade deficit in 2024? ›

The United States recorded a trade deficit of 69.37 USD Billion in March of 2024. Balance of Trade in the United States averaged -17.93 USD Billion from 1950 until 2024, reaching an all time high of 1.95 USD Billion in June of 1975 and a record low of -102.54 USD Billion in March of 2022.

By far the largest bilateral trade imbalance is with China. The United States ran a $419 billion goods deficit with China in 2018. The next largest contributor to the goods deficit, at $151 billion, is the European Union, followed by Mexico at $81.5 billion, Japan at $67.6 billion, and Malaysia at $26.5 billion.

Exports, Imports, and Balance (Exhibit 1)

Year-to-date, the goods and services deficit increased $6.5 billion, or 3.2 percent, from the same period in 2023. Exports increased $9.1 billion or 1.2 percent. Imports increased $15.6 billion or 1.6 percent.

US Trade Deficit (I:USTDEF)

US Trade Deficit is at a current level of 69.37B, down from 69.46B last month and up from 59.58B one year ago. This is a change of -0.12% from last month and 16.44% from one year ago.

As of 2023, the United States had a trade deficit of about 773 billion U.S. dollars. The U.S. trade deficit has increased since 2009, peaking in 2022. Most recently, 2023 marked the year when the U.S. trade deficit decreased on the previous year.

The most significant cause of the trade deficit is the low rate of U.S. domestic savings by households, firms, and the government relative to its investment needs. To make up for that shortfall, Americans must borrow from countries abroad (such as China) with excess savings.

The top five suppliers of U.S. goods imports in 2022 were: China ($536.3 billion), Mexico ($454.8 billion), Canada ($436.6 billion), Japan ($148.1 billion), and Germany ($146.6 billion).

The US is highly dependent on its neighbours, Canada and Mexico, for trade. The country's top trading partner is Mexico, making up 14.8% of total trade. States close to Canada have strong trading links, with Montana importing 87% of goods from there and North Dakota exporting 84.6% of goods there.

The deficit with China decreased $102.9 billion to $279.4 billion in 2023. Exports decreased $6.2 billion to $147.8 billion and imports decreased $109.1 billion to $427.2 billion.

Does the US import or export more? ›

Overview In February 2024 United States exported $167B and imported $243B, resulting in a negative trade balance of $75.2B. Between February 2023 and February 2024 the exports of United States have increased by $8.48B (5.33%) from $159B to $167B, while imports increased by $11.8B (5.13%) from $231B to $243B.

U.S. International Trade in Goods and Services, March 2024

The goods deficit increased $0.8 billion in March to $92.5 billion. The services surplus increased $0.9 billion in March to $23.1 billion.

The largest deficit in goods in the United States is with China. In fact, over 65% of the trade deficit – or $419 billion – is because of imports from China.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $69.4 billion in March, down $0.1 billion from $69.5 billion in February, revised. March exports were $257.6 billion, $5.3 billion less than February exports.

Trade deficit refers to a situation where the country's import dues exceed the receipts from the exports. Trade deficit arises in the course of international trade when the payments for imports exceed the receipts from export trade. A trade deficit is also referred to as a negative balance of trade.

Canada Trade & Investment Summary

The U.S. goods and services trade deficit with Canada was $53.5 billion in 2022. U.S. goods exports to Canada in 2022 were $356.5 billion, up 15.1 percent ($46.8 billion) from 2021 and up 22 percent from 2012.

A trade surplus is an economic measure of a positive balance of trade, where a country's exports exceed its imports. It is the opposite of a trade deficit.