United States Balance of Trade

Last Release

Feb 29, 2024

Actual

-68.9

Units In

USD Million

-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 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 $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.