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United States balance of trade

Updated: Wikipedia source

United States balance of trade

The balance of trade of the United States moved into substantial deficit from the late 1990s, especially with China and other Asian countries. This has been accompanied by a relatively low savings ratio and high levels of government and corporate debt. Debate continues over the causes and impacts of this trade deficit, and the nature of any measures required in response.

Tables

US Trade in Goods Imbalance by Country (2023)[14] · Balance of trade table
China
China
Country
China
Exports (USD Billion)
147.8
Imports (USD Billion)
426.9
Trade Imbalance (USD Billion)
-279.1
Trade Imbalance / Exports
-1.89
Mexico
Mexico
Country
Mexico
Exports (USD Billion)
322.7
Imports (USD Billion)
475.2
Trade Imbalance (USD Billion)
-152.5
Trade Imbalance / Exports
-0.473
Vietnam
Vietnam
Country
Vietnam
Exports (USD Billion)
9.8
Imports (USD Billion)
114.4
Trade Imbalance (USD Billion)
-104.6
Trade Imbalance / Exports
-10.7
Germany
Germany
Country
Germany
Exports (USD Billion)
76.7
Imports (USD Billion)
159.3
Trade Imbalance (USD Billion)
-82.6
Trade Imbalance / Exports
-1.08
Japan
Japan
Country
Japan
Exports (USD Billion)
75.7
Imports (USD Billion)
147.2
Trade Imbalance (USD Billion)
-71.5
Trade Imbalance / Exports
-0.944
Ireland
Ireland
Country
Ireland
Exports (USD Billion)
16.8
Imports (USD Billion)
82.3
Trade Imbalance (USD Billion)
-65.5
Trade Imbalance / Exports
-3.90
Canada
Canada
Country
Canada
Exports (USD Billion)
354.4
Imports (USD Billion)
418.6
Trade Imbalance (USD Billion)
-64.2
Trade Imbalance / Exports
-0.181
South Korea
South Korea
Country
South Korea
Exports (USD Billion)
65.1
Imports (USD Billion)
116.2
Trade Imbalance (USD Billion)
-51.1
Trade Imbalance / Exports
-0.785
Taiwan
Taiwan
Country
Taiwan
Exports (USD Billion)
40.0
Imports (USD Billion)
87.8
Trade Imbalance (USD Billion)
-47.8
Trade Imbalance / Exports
-1.195
Italy
Italy
Country
Italy
Exports (USD Billion)
28.9
Imports (USD Billion)
72.9
Trade Imbalance (USD Billion)
-44.0
Trade Imbalance / Exports
-1.52
India
India
Country
India
Exports (USD Billion)
40.4
Imports (USD Billion)
83.7
Trade Imbalance (USD Billion)
-43.3
Trade Imbalance / Exports
-1.07
Thailand
Thailand
Country
Thailand
Exports (USD Billion)
15.6
Imports (USD Billion)
56.3
Trade Imbalance (USD Billion)
-40.7
Trade Imbalance / Exports
-2.61
Malaysia
Malaysia
Country
Malaysia
Exports (USD Billion)
19.4
Imports (USD Billion)
46.2
Trade Imbalance (USD Billion)
-26.8
Trade Imbalance / Exports
-1.38
Switzerland
Switzerland
Country
Switzerland
Exports (USD Billion)
27.8
Imports (USD Billion)
52.3
Trade Imbalance (USD Billion)
-24.5
Trade Imbalance / Exports
-0.881
Indonesia
Indonesia
Country
Indonesia
Exports (USD Billion)
9.8
Imports (USD Billion)
26.8
Trade Imbalance (USD Billion)
-17.0
Trade Imbalance / Exports
-1.73
France
France
Country
France
Exports (USD Billion)
43.9
Imports (USD Billion)
57.6
Trade Imbalance (USD Billion)
-13.7
Trade Imbalance / Exports
-0.312
Austria
Austria
Country
Austria
Exports (USD Billion)
5.5
Imports (USD Billion)
19.1
Trade Imbalance (USD Billion)
-13.6
Trade Imbalance / Exports
-2.47
Sweden
Sweden
Country
Sweden
Exports (USD Billion)
8.6
Imports (USD Billion)
18.4
Trade Imbalance (USD Billion)
-9.8
Trade Imbalance / Exports
-1.14
Hungary
Hungary
Country
Hungary
Exports (USD Billion)
3.1
Imports (USD Billion)
10.9
Trade Imbalance (USD Billion)
-7.8
Trade Imbalance / Exports
-2.52
South Africa
South Africa
Country
South Africa
Exports (USD Billion)
7.1
Imports (USD Billion)
14.0
Trade Imbalance (USD Billion)
-6.9
Trade Imbalance / Exports
-0.972
Israel
Israel
Country
Israel
Exports (USD Billion)
14.0
Imports (USD Billion)
20.8
Trade Imbalance (USD Billion)
-6.8
Trade Imbalance / Exports
-0.486
Finland
Finland
Country
Finland
Exports (USD Billion)
3.0
Imports (USD Billion)
7.3
Trade Imbalance (USD Billion)
-4.3
Trade Imbalance / Exports
-1.43
Russia
Russia
Country
Russia
Exports (USD Billion)
0.6
Imports (USD Billion)
4.6
Trade Imbalance (USD Billion)
-4.0
Trade Imbalance / Exports
-6.67
Philippines
Philippines
Country
Philippines
Exports (USD Billion)
9.3
Imports (USD Billion)
13.3
Trade Imbalance (USD Billion)
-4.0
Trade Imbalance / Exports
-0.430
Nigeria
Nigeria
Country
Nigeria
Exports (USD Billion)
2.6
Imports (USD Billion)
5.7
Trade Imbalance (USD Billion)
-3.1
Trade Imbalance / Exports
-1.19
Czech Republic
Czech Republic
Country
Czech Republic
Exports (USD Billion)
4.6
Imports (USD Billion)
7.5
Trade Imbalance (USD Billion)
-2.9
Trade Imbalance / Exports
-0.630
Poland
Poland
Country
Poland
Exports (USD Billion)
11.0
Imports (USD Billion)
13.2
Trade Imbalance (USD Billion)
-2.2
Trade Imbalance / Exports
-0.2
Saudi Arabia
Saudi Arabia
Country
Saudi Arabia
Exports (USD Billion)
13.8
Imports (USD Billion)
15.9
Trade Imbalance (USD Billion)
-2.1
Trade Imbalance / Exports
-0.152
Algeria
Algeria
Country
Algeria
Exports (USD Billion)
1.2
Imports (USD Billion)
3.0
Trade Imbalance (USD Billion)
-1.8
Trade Imbalance / Exports
-1.5
Norway
Norway
Country
Norway
Exports (USD Billion)
5.0
Imports (USD Billion)
6.1
Trade Imbalance (USD Billion)
-1.1
Trade Imbalance / Exports
-0.22
Venezuela
Venezuela
Country
Venezuela
Exports (USD Billion)
2.5
Imports (USD Billion)
3.6
Trade Imbalance (USD Billion)
-1.1
Trade Imbalance / Exports
-0.44
Singapore
Singapore
Country
Singapore
Exports (USD Billion)
42.4
Imports (USD Billion)
40.9
Trade Imbalance (USD Billion)
1.5
Trade Imbalance / Exports
0.035
Colombia
Colombia
Country
Colombia
Exports (USD Billion)
17.7
Imports (USD Billion)
16.1
Trade Imbalance (USD Billion)
1.6
Trade Imbalance / Exports
0.090
Spain
Spain
Country
Spain
Exports (USD Billion)
25.2
Imports (USD Billion)
23.1
Trade Imbalance (USD Billion)
2.1
Trade Imbalance / Exports
0.083
Egypt
Egypt
Country
Egypt
Exports (USD Billion)
4.5
Imports (USD Billion)
2.4
Trade Imbalance (USD Billion)
2.1
Trade Imbalance / Exports
0.467
Chile
Chile
Country
Chile
Exports (USD Billion)
18.8
Imports (USD Billion)
15.6
Trade Imbalance (USD Billion)
3.2
Trade Imbalance / Exports
0.170
Argentina
Argentina
Country
Argentina
Exports (USD Billion)
11.4
Imports (USD Billion)
6.4
Trade Imbalance (USD Billion)
5.0
Trade Imbalance / Exports
0.439
Brazil
Brazil
Country
Brazil
Exports (USD Billion)
44.6
Imports (USD Billion)
39.1
Trade Imbalance (USD Billion)
5.5
Trade Imbalance / Exports
0.123
United Kingdom
United Kingdom
Country
United Kingdom
Exports (USD Billion)
74.3
Imports (USD Billion)
64.2
Trade Imbalance (USD Billion)
10.1
Trade Imbalance / Exports
0.136
Belgium
Belgium
Country
Belgium
Exports (USD Billion)
38.8
Imports (USD Billion)
22.8
Trade Imbalance (USD Billion)
16.0
Trade Imbalance / Exports
0.412
Australia
Australia
Country
Australia
Exports (USD Billion)
33.6
Imports (USD Billion)
15.9
Trade Imbalance (USD Billion)
17.7
Trade Imbalance / Exports
0.527
Hong Kong
Hong Kong
Country
Hong Kong
Exports (USD Billion)
27.8
Imports (USD Billion)
4.1
Trade Imbalance (USD Billion)
23.7
Trade Imbalance / Exports
0.853
Netherlands
Netherlands
Country
Netherlands
Exports (USD Billion)
81.3
Imports (USD Billion)
38.5
Trade Imbalance (USD Billion)
42.8
Trade Imbalance / Exports
0.526
Other Countries
Other Countries
Country
Other Countries
Exports (USD Billion)
211.0
Imports (USD Billion)
204.0
Trade Imbalance (USD Billion)
7.0
Trade Imbalance / Exports
0.033
Total
Total
Country
Total
Exports (USD Billion)
2,018.1
Imports (USD Billion)
3,080.2
Trade Imbalance (USD Billion)
-1062.1
Country
Exports (USD Billion)
Imports (USD Billion)
Trade Imbalance (USD Billion)
Trade Imbalance / Exports
China
147.8
426.9
-279.1
-1.89
Mexico
322.7
475.2
-152.5
-0.473
Vietnam
9.8
114.4
-104.6
-10.7
Germany
76.7
159.3
-82.6
-1.08
Japan
75.7
147.2
-71.5
-0.944
Ireland
16.8
82.3
-65.5
-3.90
Canada
354.4
418.6
-64.2
-0.181
South Korea
65.1
116.2
-51.1
-0.785
Taiwan
40.0
87.8
-47.8
-1.195
Italy
28.9
72.9
-44.0
-1.52
India
40.4
83.7
-43.3
-1.07
Thailand
15.6
56.3
-40.7
-2.61
Malaysia
19.4
46.2
-26.8
-1.38
Switzerland
27.8
52.3
-24.5
-0.881
Indonesia
9.8
26.8
-17.0
-1.73
France
43.9
57.6
-13.7
-0.312
Austria
5.5
19.1
-13.6
-2.47
Sweden
8.6
18.4
-9.8
-1.14
Hungary
3.1
10.9
-7.8
-2.52
South Africa
7.1
14.0
-6.9
-0.972
Israel
14.0
20.8
-6.8
-0.486
Finland
3.0
7.3
-4.3
-1.43
Russia
0.6
4.6
-4.0
-6.67
Philippines
9.3
13.3
-4.0
-0.430
Nigeria
2.6
5.7
-3.1
-1.19
Czech Republic
4.6
7.5
-2.9
-0.630
Poland
11.0
13.2
-2.2
-0.2
Saudi Arabia
13.8
15.9
-2.1
-0.152
Algeria
1.2
3.0
-1.8
-1.5
Norway
5.0
6.1
-1.1
-0.22
Venezuela
2.5
3.6
-1.1
-0.44
Singapore
42.4
40.9
1.5
0.035
Colombia
17.7
16.1
1.6
0.090
Spain
25.2
23.1
2.1
0.083
Egypt
4.5
2.4
2.1
0.467
Chile
18.8
15.6
3.2
0.170
Argentina
11.4
6.4
5.0
0.439
Brazil
44.6
39.1
5.5
0.123
United Kingdom
74.3
64.2
10.1
0.136
Belgium
38.8
22.8
16.0
0.412
Australia
33.6
15.9
17.7
0.527
Hong Kong
27.8
4.1
23.7
0.853
Netherlands
81.3
38.5
42.8
0.526
Other Countries
211.0
204.0
7.0
0.033
Total
2,018.1
3,080.2
-1062.1
· Balance of trade table › Balance of trade by select country by year › Canada
2024
2024
Year
2024
Imports
411,886.7
Exports
349,908.2
Balance
-61,978.5
2023
2023
Year
2023
Imports
418,010.3
Exports
354,408.0
Balance
-63,602.3
2022
2022
Year
2022
Imports
437,417.6
Exports
359,084.2
Balance
-78,333.4
2021
2021
Year
2021
Imports
357,274.7
Exports
309,604.0
Balance
-47,670.7
2020
2020
Year
2020
Imports
270,025.5
Exports
256,212.3
Balance
-13,813.3
2019
2019
Year
2019
Imports
318,588.8
Exports
292,820.3
Balance
-25,768.5
2018
2018
Year
2018
Imports
318,574.8
Exports
299,731.7
Balance
-18,843.1
2017
2017
Year
2017
Imports
299,065.4
Exports
282,773.8
Balance
-16,291.6
2016
2016
Year
2016
Imports
277,719.8
Exports
266,734.5
Balance
-10,985.3
Year
Imports
Exports
Balance
2024
411,886.7
349,908.2
-61,978.5
2023
418,010.3
354,408.0
-63,602.3
2022
437,417.6
359,084.2
-78,333.4
2021
357,274.7
309,604.0
-47,670.7
2020
270,025.5
256,212.3
-13,813.3
2019
318,588.8
292,820.3
-25,768.5
2018
318,574.8
299,731.7
-18,843.1
2017
299,065.4
282,773.8
-16,291.6
2016
277,719.8
266,734.5
-10,985.3
· Balance of trade table › Balance of trade by select country by year › China
2024
2024
Year
2024
Imports
438,742
Exports
143,226.7
Balance
-295,515.2
2023
2023
Year
2023
Imports
427,246.6
Exports
147,635.5
Balance
-279,611.1
2022
2022
Year
2022
Imports
536,268.7
Exports
153,987.4
Balance
-382,281.3
2021
2021
Year
2021
Imports
504,246.3
Exports
151,439.4
Balance
-352,806.9
2020
2020
Year
2020
Imports
432,548
Exports
124,581.5
Balance
-307,966.5
2019
2019
Year
2019
Imports
449,110.7
Exports
106,481.2
Balance
-342,629.5
2018
2018
Year
2018
Imports
538,514.2
Exports
120,281.2
Balance
-418,232.9
2017
2017
Year
2017
Imports
505,165.1
Exports
129,997.2
Balance
-375,167.9
2016
2016
Year
2016
Imports
462,420
Exports
115,594.8
Balance
-346,825.2
Year
Imports
Exports
Balance
2024
438,742
143,226.7
-295,515.2
2023
427,246.6
147,635.5
-279,611.1
2022
536,268.7
153,987.4
-382,281.3
2021
504,246.3
151,439.4
-352,806.9
2020
432,548
124,581.5
-307,966.5
2019
449,110.7
106,481.2
-342,629.5
2018
538,514.2
120,281.2
-418,232.9
2017
505,165.1
129,997.2
-375,167.9
2016
462,420
115,594.8
-346,825.2
· Balance of trade table › Balance of trade by select country by year › Mexico
2024
2024
Year
2024
Imports
505,523.2
Exports
334,031.9
Balance
-171,491.2
2023
2023
Year
2023
Imports
472,907.4
Exports
323,637.2
Balance
-149,270.2
2022
2022
Year
2022
Imports
452,015
Exports
327,016.1
Balance
-124,998.8
2021
2021
Year
2021
Imports
382,569.3
Exports
277,194.6
Balance
-105,374.7
2020
2020
Year
2020
Imports
323,476.9
Exports
212,512.8
Balance
-110,964.1
2019
2019
Year
2019
Imports
356,093.6
Exports
256,676.5
Balance
-99,417.1
2018
2018
Year
2018
Imports
343,680.5
Exports
265,968
Balance
-77,712.5
2017
2017
Year
2017
Imports
312,666.7
Exports
243,609
Balance
-69,057.8
2016
2016
Year
2016
Imports
293,500.6
Exports
230,228.8
Balance
-63,271.8
Year
Imports
Exports
Balance
2024
505,523.2
334,031.9
-171,491.2
2023
472,907.4
323,637.2
-149,270.2
2022
452,015
327,016.1
-124,998.8
2021
382,569.3
277,194.6
-105,374.7
2020
323,476.9
212,512.8
-110,964.1
2019
356,093.6
256,676.5
-99,417.1
2018
343,680.5
265,968
-77,712.5
2017
312,666.7
243,609
-69,057.8
2016
293,500.6
230,228.8
-63,271.8
· Balance of trade table › Balance of trade by select country by year › India
2024
2024
Year
2024
Imports
87,338.1
Exports
41,537
Balance
-45,801.1
2023
2023
Year
2023
Imports
83,557.1
Exports
40,317.5
Balance
-43,239.6
2022
2022
Year
2022
Imports
85,517.4
Exports
46,819.2
Balance
-38,698.2
2021
2021
Year
2021
Imports
73,308.2
Exports
39,817.4
Balance
-33,490.8
2020
2020
Year
2020
Imports
51,254.6
Exports
27,081.7
Balance
-24,172.9
2019
2019
Year
2019
Imports
57,879.0
Exports
34,222.8
Balance
-23,656.2
2018
2018
Year
2018
Imports
54,249.6
Exports
33,176.6
Balance
-21,073.0
2017
2017
Year
2017
Imports
48,549.4
Exports
25,647.8
Balance
-22,901.6
2016
2016
Year
2016
Imports
46,024.2
Exports
21,647.2
Balance
-24,377.1
Year
Imports
Exports
Balance
2024
87,338.1
41,537
-45,801.1
2023
83,557.1
40,317.5
-43,239.6
2022
85,517.4
46,819.2
-38,698.2
2021
73,308.2
39,817.4
-33,490.8
2020
51,254.6
27,081.7
-24,172.9
2019
57,879.0
34,222.8
-23,656.2
2018
54,249.6
33,176.6
-21,073.0
2017
48,549.4
25,647.8
-22,901.6
2016
46,024.2
21,647.2
-24,377.1
· Balance of trade table › Balance of trade by year
2024
2024
Year
2024
Imports
3,266,410.2
Exports
2,061,690.8
Balance
-1,204,719.4
2023
2023
Year
2023
Imports
3,076,796.4
Exports
2,020,479.2
Balance
-1,056,317.2
2022
2022
Year
2022
Imports
3,239,732.9
Exports
2,072,648
Balance
-1,167,084.9
2021
2021
Year
2021
Imports
2,828,515.5
Exports
1,757,743.7
Balance
-1,070,771.8
2020
2020
Year
2020
Imports
2,331,477.2
Exports
1,429,995.4
Balance
-901,481.8
2019
2019
Year
2019
Imports
2,491,699.6
Exports
1,645,940.3
Balance
-845,759.2
2018
2018
Year
2018
Imports
2,536,145.3
Exports
1,665,786.9
Balance
-870,358.4
2017
2017
Year
2017
Imports
2,339,591.3
Exports
1,547,195.4
Balance
-792,395.9
2016
2016
Year
2016
Imports
1,451,459
Exports
2,186,785
Balance
-735,326
2015
2015
Year
2015
Imports
1,503,328.4
Exports
2,248,811.4
Balance
-745,483
2014
2014
Year
2014
Imports
1,621,873.8
Exports
2,356,356.1
Balance
-734,482.3
Year
Imports
Exports
Balance
2024
3,266,410.2
2,061,690.8
-1,204,719.4
2023
3,076,796.4
2,020,479.2
-1,056,317.2
2022
3,239,732.9
2,072,648
-1,167,084.9
2021
2,828,515.5
1,757,743.7
-1,070,771.8
2020
2,331,477.2
1,429,995.4
-901,481.8
2019
2,491,699.6
1,645,940.3
-845,759.2
2018
2,536,145.3
1,665,786.9
-870,358.4
2017
2,339,591.3
1,547,195.4
-792,395.9
2016
1,451,459
2,186,785
-735,326
2015
1,503,328.4
2,248,811.4
-745,483
2014
1,621,873.8
2,356,356.1
-734,482.3

References

  1. Joseph A. Schumpeter, "The Decade of the Twenties", American Economic Review vol. 36, No. 2, (May, 1946), pp. 1–10 in JS
    https://www.jstor.org/stable/1818192
  2. USInfo.org
    http://usinfo.org/enus/economy/trade/docs/06s1288.xls
  3. "Archived copy"
    https://web.archive.org/web/20170724200317/https://www.census.gov/foreign-trade/statistics/historical/gands.txt
  4. Census.gov
    https://www.census.gov/foreign-trade/balance/c0004.html#2008
  5. The New York Times
    https://www.nytimes.com/2023/02/07/business/economy/us-trade-deficit.html
  6. Foreign Policy
    https://foreignpolicy.com/2017/03/06/economists-take-aim-at-trump-trade-theory-again-peter-navarro-bilateral-multilateral-trade-deals-china-germany-national-security/
  7. Washington Post
    https://www.washingtonpost.com/news/wonk/wp/2017/03/07/trump-rails-against-the-trade-deficit-but-economists-say-theres-no-easy-way-for-him-to-make-it-go-away/
  8. Public Radio International
    https://www.pri.org/stories/2017-03-01/trump-warns-trade-deficits-economists-say-who-cares
  9. www.igmchicago.org
    http://www.igmchicago.org/surveys/trade-balances
  10. The New York Times
    https://www.nytimes.com/2018/06/09/upshot/what-is-the-trade-deficit.html
  11. The New York Times
    https://www.nytimes.com/2023/02/07/business/economy/us-trade-deficit.html
  12. The shift away from thrift.The Economist, April 7, 2005.
    http://www.economist.com/PrinterFriendly.cfm?Story_ID=3839554
  13. America's Global Advantage: US Hegemony and International Cooperation
    https://www.cambridge.org/core/books/americas-global-advantage/29F591B11AD3CCFDA25F7ED7D9191B55
  14. https://www.census.gov/foreign-trade/balance/
    https://www.census.gov/foreign-trade/balance/
  15. United States Census Bureau
    https://www.census.gov/foreign-trade/balance/c1220.html
  16. United States Census Bureau
    https://www.census.gov/foreign-trade/balance/c5700.html
  17. United States Census Bureau
    https://www.census.gov/foreign-trade/balance/c2010.html
  18. United States Census Bureau
    https://www.census.gov/foreign-trade/balance/c5330.html
  19. United States Census Bureau
    https://www.census.gov/foreign-trade/balance/c0004.html
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