United States Balance of Trade

Last Release

May 31, 2024

Actual

-75.07

Units In

USD Million

-74.56

Frequency

Monthly

Next Release

Aug 06, 2024

Time to Release

1 Months 2 Days 4 Hours

Highest	Lowest	Average	Date Range	Source
1,946 Jun 1975	-109,802 Mar 2022	-16,867.29 USD Million	1950-2024	U.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 $75.1 billion in May 2024, the largest since October 2022 from a revised $74.5 billion in April and below forecasts of a $76.2 billion gap. Exports fell 0.7% to $261.7 billion, mainly industrial supplies and materials, including nonmonetary gold, other petroleum products and fuel oil. Exports also fell for automotive vehicles, parts, and engines, in particular trucks, buses, and special purpose vehicles. On the other hand, exports of travel services increased. Imports decreased at a slower 0.3% to $336.7 billion, as lower purchases of pharmaceutical preparations and automotive vehicles, parts, and engines offset increases in cell phones and other household goods, crude oil, nuclear fuel materials, and transport and travel services. Meanwhile, the trade gap widened with Mexico ($14.8 billion vs $13.7 billion in April), and China ($24 billion vs $20.1 billion), while the gap with Europe narrowed to $22.7 billion from $25.9 billion.