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United States Balance of Trade

Last Release
Feb 29, 2024
Actual
-68.9
Units In
USD Million
Previous
-67.43
Frequency
Monthly
Next Release
May 02, 2024
Time to Release
27 Days 9 Hours
Highest
Lowest
Average
Date Range
Source
1,946
Jun 1975
-109,802
Mar 2022
-16,923.9 USD Million1950-2024U.S. Census Bureau
The United States has been running consistent trade deficits since 1976 due to high imports of oil and consumer products. In 2018, the biggest trade deficits were recorded with China, Mexico, Germany, Japan, Ireland, Vietnam and Italy and the biggest trade surpluses with Hong Kong, Netherlands, Australia, United Arab Emirates, Belgium, Brazil and Panama. China is the top trading partner, accounting for 16 percent of total trade, followed by Canada (15 percent) and Mexico (15 percent).

Latest Updates

The trade deficit in the US widened to $68.9 billion in February 2024, the highest in ten months, from an upwardly revised $67.6 billion gap in January and compared to forecasts of a $67.3 billion deficit. It reflected a decrease in the goods deficit of $0.3 billion to $91.4 billion and a decrease in the services surplus of $1.6 billion to $22.5 billion.Exports rose 2.3% to a record high of $263 billion, led by civilian aircraft, crude oil, soybeans, nonmonetary gold, travel and transport while shipments of passenger cars went down. Imports increased 2.2% to $331.9 billion, the highest since October 2022, with purchases rising for cell phones and other household goods, pharmaceutical preparations, travel, automotive vehicles, parts, and engines, transport and other foods. The goods deficit with China narrowed to $21.9 billion, the smallest in three months while the goods shortfall with Mexico widened to a record $15.3 billion.

United States Balance of Trade History

Last 12 readings

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