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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) · Balance of trade table
China
China
Country
China
Exports (USD billion)
147
Imports (USD billion)
426
Trade imbalance (USD billion)
-279
Trade imbalance / exports
-1
Mexico
Mexico
Country
Mexico
Exports (USD billion)
322
Imports (USD billion)
475
Trade imbalance (USD billion)
-152
Trade imbalance / exports
-0
Vietnam
Vietnam
Country
Vietnam
Exports (USD billion)
9
Imports (USD billion)
114
Trade imbalance (USD billion)
-104
Trade imbalance / exports
-10
Germany
Germany
Country
Germany
Exports (USD billion)
76
Imports (USD billion)
159
Trade imbalance (USD billion)
-82
Trade imbalance / exports
-1
Japan
Japan
Country
Japan
Exports (USD billion)
75
Imports (USD billion)
147
Trade imbalance (USD billion)
-71
Trade imbalance / exports
-0
Ireland
Ireland
Country
Ireland
Exports (USD billion)
16
Imports (USD billion)
82
Trade imbalance (USD billion)
-65
Trade imbalance / exports
-3
Canada
Canada
Country
Canada
Exports (USD billion)
354
Imports (USD billion)
418
Trade imbalance (USD billion)
-64
Trade imbalance / exports
-0
South Korea
South Korea
Country
South Korea
Exports (USD billion)
65
Imports (USD billion)
116
Trade imbalance (USD billion)
-51
Trade imbalance / exports
-0
Taiwan
Taiwan
Country
Taiwan
Exports (USD billion)
40
Imports (USD billion)
87
Trade imbalance (USD billion)
-47
Trade imbalance / exports
-1
Italy
Italy
Country
Italy
Exports (USD billion)
28
Imports (USD billion)
72
Trade imbalance (USD billion)
-44
Trade imbalance / exports
-1
India
India
Country
India
Exports (USD billion)
40
Imports (USD billion)
83
Trade imbalance (USD billion)
-43
Trade imbalance / exports
-1
Thailand
Thailand
Country
Thailand
Exports (USD billion)
15
Imports (USD billion)
56
Trade imbalance (USD billion)
-40
Trade imbalance / exports
-2
Malaysia
Malaysia
Country
Malaysia
Exports (USD billion)
19
Imports (USD billion)
46
Trade imbalance (USD billion)
-26
Trade imbalance / exports
-1
Switzerland
Switzerland
Country
Switzerland
Exports (USD billion)
27
Imports (USD billion)
52
Trade imbalance (USD billion)
-24
Trade imbalance / exports
-0
Indonesia
Indonesia
Country
Indonesia
Exports (USD billion)
9
Imports (USD billion)
26
Trade imbalance (USD billion)
-17
Trade imbalance / exports
-1
France
France
Country
France
Exports (USD billion)
43
Imports (USD billion)
57
Trade imbalance (USD billion)
-13
Trade imbalance / exports
-0
Austria
Austria
Country
Austria
Exports (USD billion)
5
Imports (USD billion)
19
Trade imbalance (USD billion)
-13
Trade imbalance / exports
-2
Sweden
Sweden
Country
Sweden
Exports (USD billion)
8
Imports (USD billion)
18
Trade imbalance (USD billion)
-9
Trade imbalance / exports
-1
Hungary
Hungary
Country
Hungary
Exports (USD billion)
3
Imports (USD billion)
10
Trade imbalance (USD billion)
-7
Trade imbalance / exports
-2
South Africa
South Africa
Country
South Africa
Exports (USD billion)
7
Imports (USD billion)
14
Trade imbalance (USD billion)
-6
Trade imbalance / exports
-0
Israel
Israel
Country
Israel
Exports (USD billion)
14
Imports (USD billion)
20
Trade imbalance (USD billion)
-6
Trade imbalance / exports
-0
Finland
Finland
Country
Finland
Exports (USD billion)
3
Imports (USD billion)
7
Trade imbalance (USD billion)
-4
Trade imbalance / exports
-1
Russia
Russia
Country
Russia
Exports (USD billion)
0
Imports (USD billion)
4
Trade imbalance (USD billion)
-4
Trade imbalance / exports
-6
Philippines
Philippines
Country
Philippines
Exports (USD billion)
9
Imports (USD billion)
13
Trade imbalance (USD billion)
-4
Trade imbalance / exports
-0
Nigeria
Nigeria
Country
Nigeria
Exports (USD billion)
2
Imports (USD billion)
5
Trade imbalance (USD billion)
-3
Trade imbalance / exports
-1
Czech Republic
Czech Republic
Country
Czech Republic
Exports (USD billion)
4
Imports (USD billion)
7
Trade imbalance (USD billion)
-2
Trade imbalance / exports
-0
Poland
Poland
Country
Poland
Exports (USD billion)
11
Imports (USD billion)
13
Trade imbalance (USD billion)
-2
Trade imbalance / exports
-0
Saudi Arabia
Saudi Arabia
Country
Saudi Arabia
Exports (USD billion)
13
Imports (USD billion)
15
Trade imbalance (USD billion)
-2
Trade imbalance / exports
-0
Algeria
Algeria
Country
Algeria
Exports (USD billion)
1
Imports (USD billion)
3
Trade imbalance (USD billion)
-1
Trade imbalance / exports
-1
Norway
Norway
Country
Norway
Exports (USD billion)
5
Imports (USD billion)
6
Trade imbalance (USD billion)
-1
Trade imbalance / exports
-0
Venezuela
Venezuela
Country
Venezuela
Exports (USD billion)
2
Imports (USD billion)
3
Trade imbalance (USD billion)
-1
Trade imbalance / exports
-0
Singapore
Singapore
Country
Singapore
Exports (USD billion)
42
Imports (USD billion)
40
Trade imbalance (USD billion)
1
Trade imbalance / exports
0
Colombia
Colombia
Country
Colombia
Exports (USD billion)
17
Imports (USD billion)
16
Trade imbalance (USD billion)
1
Trade imbalance / exports
0
Spain
Spain
Country
Spain
Exports (USD billion)
25
Imports (USD billion)
23
Trade imbalance (USD billion)
2
Trade imbalance / exports
0
Egypt
Egypt
Country
Egypt
Exports (USD billion)
4
Imports (USD billion)
2
Trade imbalance (USD billion)
2
Trade imbalance / exports
0
Chile
Chile
Country
Chile
Exports (USD billion)
18
Imports (USD billion)
15
Trade imbalance (USD billion)
3
Trade imbalance / exports
0
Argentina
Argentina
Country
Argentina
Exports (USD billion)
11
Imports (USD billion)
6
Trade imbalance (USD billion)
5
Trade imbalance / exports
0
Brazil
Brazil
Country
Brazil
Exports (USD billion)
44
Imports (USD billion)
39
Trade imbalance (USD billion)
5
Trade imbalance / exports
0
United Kingdom
United Kingdom
Country
United Kingdom
Exports (USD billion)
74
Imports (USD billion)
64
Trade imbalance (USD billion)
10
Trade imbalance / exports
0
Belgium
Belgium
Country
Belgium
Exports (USD billion)
38
Imports (USD billion)
22
Trade imbalance (USD billion)
16
Trade imbalance / exports
0
Australia
Australia
Country
Australia
Exports (USD billion)
33
Imports (USD billion)
15
Trade imbalance (USD billion)
17
Trade imbalance / exports
0
Hong Kong
Hong Kong
Country
Hong Kong
Exports (USD billion)
27
Imports (USD billion)
4
Trade imbalance (USD billion)
23
Trade imbalance / exports
0
Netherlands
Netherlands
Country
Netherlands
Exports (USD billion)
81
Imports (USD billion)
38
Trade imbalance (USD billion)
42
Trade imbalance / exports
0
Other Countries
Other Countries
Country
Other Countries
Exports (USD billion)
211
Imports (USD billion)
204
Trade imbalance (USD billion)
7
Trade imbalance / exports
0
Total
Total
Country
Total
Exports (USD billion)
2,018
Imports (USD billion)
3,080
Trade imbalance (USD billion)
-1062
Country
Exports (USD billion)
Imports (USD billion)
Trade imbalance (USD billion)
Trade imbalance / exports
China
147
426
-279
-1
Mexico
322
475
-152
-0
Vietnam
9
114
-104
-10
Germany
76
159
-82
-1
Japan
75
147
-71
-0
Ireland
16
82
-65
-3
Canada
354
418
-64
-0
South Korea
65
116
-51
-0
Taiwan
40
87
-47
-1
Italy
28
72
-44
-1
India
40
83
-43
-1
Thailand
15
56
-40
-2
Malaysia
19
46
-26
-1
Switzerland
27
52
-24
-0
Indonesia
9
26
-17
-1
France
43
57
-13
-0
Austria
5
19
-13
-2
Sweden
8
18
-9
-1
Hungary
3
10
-7
-2
South Africa
7
14
-6
-0
Israel
14
20
-6
-0
Finland
3
7
-4
-1
Russia
0
4
-4
-6
Philippines
9
13
-4
-0
Nigeria
2
5
-3
-1
Czech Republic
4
7
-2
-0
Poland
11
13
-2
-0
Saudi Arabia
13
15
-2
-0
Algeria
1
3
-1
-1
Norway
5
6
-1
-0
Venezuela
2
3
-1
-0
Singapore
42
40
1
0
Colombia
17
16
1
0
Spain
25
23
2
0
Egypt
4
2
2
0
Chile
18
15
3
0
Argentina
11
6
5
0
Brazil
44
39
5
0
United Kingdom
74
64
10
0
Belgium
38
22
16
0
Australia
33
15
17
0
Hong Kong
27
4
23
0
Netherlands
81
38
42
0
Other Countries
211
204
7
0
Total
2,018
3,080
-1062
· Balance of trade table › Balance of trade by select country by year › Canada
2024
2024
Year
2024
Imports
411,886
Exports
349,908
Balance
-61,978
2023
2023
Year
2023
Imports
418,010
Exports
354,408
Balance
-63,602
2022
2022
Year
2022
Imports
437,417
Exports
359,084
Balance
-78,333
2021
2021
Year
2021
Imports
357,274
Exports
309,604
Balance
-47,670
2020
2020
Year
2020
Imports
270,025
Exports
256,212
Balance
-13,813
2019
2019
Year
2019
Imports
318,588
Exports
292,820
Balance
-25,768
2018
2018
Year
2018
Imports
318,574
Exports
299,731
Balance
-18,843
2017
2017
Year
2017
Imports
299,065
Exports
282,773
Balance
-16,291
2016
2016
Year
2016
Imports
277,719
Exports
266,734
Balance
-10,985
2015
2015
Year
2015
Imports
296,305
Exports
280,855
Balance
-15,449
2014
2014
Year
2014
Imports
349,286
Exports
312,817
Balance
-36,469
2013
2013
Year
2013
Imports
332,503
Exports
300,754
Balance
-31,748
2012
2012
Year
2012
Imports
324,263
Exports
292,650
Balance
-31,612
Year
Imports
Exports
Balance
2024
411,886
349,908
-61,978
2023
418,010
354,408
-63,602
2022
437,417
359,084
-78,333
2021
357,274
309,604
-47,670
2020
270,025
256,212
-13,813
2019
318,588
292,820
-25,768
2018
318,574
299,731
-18,843
2017
299,065
282,773
-16,291
2016
277,719
266,734
-10,985
2015
296,305
280,855
-15,449
2014
349,286
312,817
-36,469
2013
332,503
300,754
-31,748
2012
324,263
292,650
-31,612
· Balance of trade table › Balance of trade by select country by year › China
2024
2024
Year
2024
Imports
438,742
Exports
143,226
Balance
-295,515
2023
2023
Year
2023
Imports
427,246
Exports
147,635
Balance
-279,611
2022
2022
Year
2022
Imports
536,268
Exports
153,987
Balance
-382,281
2021
2021
Year
2021
Imports
504,246
Exports
151,439
Balance
-352,806
2020
2020
Year
2020
Imports
432,548
Exports
124,581
Balance
-307,966
2019
2019
Year
2019
Imports
449,110
Exports
106,481
Balance
-342,629
2018
2018
Year
2018
Imports
538,514
Exports
120,281
Balance
-418,232
2017
2017
Year
2017
Imports
505,165
Exports
129,997
Balance
-375,167
2016
2016
Year
2016
Imports
462,420
Exports
115,594
Balance
-346,825
2015
2015
Year
2015
Imports
483,201
Exports
115,873
Balance
-367,328
2014
2014
Year
2014
Imports
468,474
Exports
123,657
Balance
-344,817
2013
2013
Year
2013
Imports
440,430
Exports
121,746
Balance
-318,683
2012
2012
Year
2012
Imports
425,619
Exports
110,516
Balance
-315,102
Year
Imports
Exports
Balance
2024
438,742
143,226
-295,515
2023
427,246
147,635
-279,611
2022
536,268
153,987
-382,281
2021
504,246
151,439
-352,806
2020
432,548
124,581
-307,966
2019
449,110
106,481
-342,629
2018
538,514
120,281
-418,232
2017
505,165
129,997
-375,167
2016
462,420
115,594
-346,825
2015
483,201
115,873
-367,328
2014
468,474
123,657
-344,817
2013
440,430
121,746
-318,683
2012
425,619
110,516
-315,102
· Balance of trade table › Balance of trade by select country by year › Mexico
2024
2024
Year
2024
Imports
505,523
Exports
334,031
Balance
-171,491
2023
2023
Year
2023
Imports
472,907
Exports
323,637
Balance
-149,270
2022
2022
Year
2022
Imports
452,015
Exports
327,016
Balance
-124,998
2021
2021
Year
2021
Imports
382,569
Exports
277,194
Balance
-105,374
2020
2020
Year
2020
Imports
323,476
Exports
212,512
Balance
-110,964
2019
2019
Year
2019
Imports
356,093
Exports
256,676
Balance
-99,417
2018
2018
Year
2018
Imports
343,680
Exports
265,968
Balance
-77,712
2017
2017
Year
2017
Imports
312,666
Exports
243,609
Balance
-69,057
2016
2016
Year
2016
Imports
293,500
Exports
230,228
Balance
-63,271
2015
2015
Year
2015
Imports
296,433
Exports
236,460
Balance
-59,973
2014
2014
Year
2014
Imports
295,730
Exports
241,007
Balance
-54,722
2013
2013
Year
2013
Imports
280,556
Exports
225,954
Balance
-54,601
2012
2012
Year
2012
Imports
277,593
Exports
215,875
Balance
-61,718
Year
Imports
Exports
Balance
2024
505,523
334,031
-171,491
2023
472,907
323,637
-149,270
2022
452,015
327,016
-124,998
2021
382,569
277,194
-105,374
2020
323,476
212,512
-110,964
2019
356,093
256,676
-99,417
2018
343,680
265,968
-77,712
2017
312,666
243,609
-69,057
2016
293,500
230,228
-63,271
2015
296,433
236,460
-59,973
2014
295,730
241,007
-54,722
2013
280,556
225,954
-54,601
2012
277,593
215,875
-61,718
· Balance of trade table › Balance of trade by select country by year › India
2024
2024
Year
2024
Imports
87,338
Exports
41,537
Balance
-45,801
2023
2023
Year
2023
Imports
83,557
Exports
40,317
Balance
-43,239
2022
2022
Year
2022
Imports
85,517
Exports
46,819
Balance
-38,698
2021
2021
Year
2021
Imports
73,308
Exports
39,817
Balance
-33,490
2020
2020
Year
2020
Imports
51,254
Exports
27,081
Balance
-24,172
2019
2019
Year
2019
Imports
57,879
Exports
34,222
Balance
-23,656
2018
2018
Year
2018
Imports
54,249
Exports
33,176
Balance
-21,073
2017
2017
Year
2017
Imports
48,549
Exports
25,647
Balance
-22,901
2016
2016
Year
2016
Imports
46,024
Exports
21,647
Balance
-24,377
2015
2015
Year
2015
Imports
44,782
Exports
21,452
Balance
-23,329
2014
2014
Year
2014
Imports
45,358
Exports
21,499
Balance
-23,858
2013
2013
Year
2013
Imports
41,810
Exports
21,810
Balance
-19,999
2012
2012
Year
2012
Imports
40,512
Exports
22,105
Balance
-18,406
Year
Imports
Exports
Balance
2024
87,338
41,537
-45,801
2023
83,557
40,317
-43,239
2022
85,517
46,819
-38,698
2021
73,308
39,817
-33,490
2020
51,254
27,081
-24,172
2019
57,879
34,222
-23,656
2018
54,249
33,176
-21,073
2017
48,549
25,647
-22,901
2016
46,024
21,647
-24,377
2015
44,782
21,452
-23,329
2014
45,358
21,499
-23,858
2013
41,810
21,810
-19,999
2012
40,512
22,105
-18,406

References

  1. USInfo
    http://usinfo.org/enus/economy/trade/docs/06s1288.xls
  2. "Archived copy"
    https://web.archive.org/web/20170724200317/https://www.census.gov/foreign-trade/statistics/historical/gands.txt
  3. Census
    https://www.census.gov/foreign-trade/balance/c0004.html#2008
  4. The New York Times
    https://www.nytimes.com/2023/02/07/business/economy/us-trade-deficit.html
  5. 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/
  6. 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/
  7. Public Radio International
    https://theworld.org/stories/2017/03/01/trump-warns-trade-deficits-economists-trump-who-cares
  8. www
    https://web.archive.org/web/20171103030840/http://www.igmchicago.org/surveys/trade-balances
  9. The New York Times
    https://www.nytimes.com/2018/06/09/upshot/what-is-the-trade-deficit.html
  10. The New York Times
    https://www.nytimes.com/2023/02/07/business/economy/us-trade-deficit.html
  11. The shift away from thrift Economist, April 7, 2005.
    http://www.economist.com/PrinterFriendly.cfm?Story_ID=3839554
  12. https://www.census.gov/foreign-trade/balance/
    https://www.census.gov/foreign-trade/balance/
  13. United States Census Bureau
    https://www.census.gov/foreign-trade/balance/c1220.html
  14. United States Census Bureau
    https://www.census.gov/foreign-trade/balance/c5700.html
  15. United States Census Bureau
    https://www.census.gov/foreign-trade/balance/c2010.html
  16. United States Census Bureau
    https://www.census.gov/foreign-trade/balance/c5330.html
  17. United States Census Bureau
    https://www.census.gov/foreign-trade/balance/c0004.html
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