United States balance of trade
Aspect of US foreign trade
From Wikipedia, the free encyclopedia
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.
History
The US last had a trade surplus in 1975.[1] In 1985, the United States began running a persistent trade deficit with China. During the 1990s, the overall U.S. trade deficit expanded, particularly with Asian economies. By 2012, the U.S. trade deficit, along with the federal budget deficit and public debt, reached record or near-record levels.[2][3] The overall U.S. trade deficit widened 12.2 percent in 2022 to nearly $1 trillion as Americans bought large volumes of foreign machinery, pharmaceuticals, industrial supplies and car parts, according to new data released by the Commerce Department.[4]
Causes and impact
The notion that bilateral trade deficits are bad in and of themselves is overwhelmingly rejected by trade experts and economists.[5][6][7][8][9] Some economists note that the trade deficit increases when the U.S. economy grows and Americans are able to buy the goods and services they want from abroad. But many also worry that a persistent trade deficit could lead to lower employment and economic growth in the United States.[10]
Over the long run, nations with trade surpluses tend also to have a savings surplus. The U.S. generally has developed lower savings rates than its trading partners, which have tended to have trade surpluses. Germany, France, Japan, and Canada have maintained higher savings rates than the U.S. over the long run.[11]
Balance of trade table
| 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 by select country by year
Canada
This table shows the balance of trade by year for Canada that is seasonally adjusted in the millions of dollars. This table only displays trade of goods. Source:[13]
| 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 |
| 2015 | 296,305.1 | 280,855.2 | -15,449.9 |
| 2014 | 349,286.1 | 312,817.0 | -36,469.2 |
| 2013 | 332,503.6 | 300,754.9 | -31,748.8 |
| 2012 | 324,263.0 | 292,650.5 | -31,612.5 |
China
This table shows the balance of trade by year for China that is seasonally adjusted in the millions of dollars. This table only displays trade of goods. Source:[14]
| 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 |
| 2015 | 483,201.7 | 115,873.4 | -367,328.3 |
| 2014 | 468,474.9 | 123,657.2 | -344,817.7 |
| 2013 | 440,430.0 | 121,746.2 | -318,683.8 |
| 2012 | 425,619.1 | 110,516.6 | -315,102.5 |
Mexico
This table shows the balance of trade by year the United States has with Mexico that is seasonally adjusted in the millions of dollars. This table only displays trade of goods. The last year the United States had a trade surplus with Mexico was in 1994. Source:[15]
| 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 |
| 2015 | 296,433.3 | 236,460.1 | -59,973.2 |
| 2014 | 295,730.0 | 241,007.2 | -54,722.8 |
| 2013 | 280,556.0 | 225,954.4 | -54,601.7 |
| 2012 | 277,593.6 | 215,875.1 | -61,718.5 |
India
This table shows the balance of trade by year the United States has with India that is seasonally adjusted in the millions of dollars. This table only displays trade of goods. Source:[16]
| 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 |
| 2015 | 44,782.7 | 21,452.9 | -23,329.7 |
| 2014 | 45,358.0 | 21,499.1 | -23,858.9 |
| 2013 | 41,810.0 | 21,810.4 | -19,999.5 |
| 2012 | 40,512.6 | 22,105.7 | -18,406.9 |
Balance of trade by year
This table lists the balance of trade by year in millions of dollars and this contains the seasonally adjusted results regardless of country. This table only displays trade of goods. Source:[17]
| 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 |
| 2013 | 2,267,986.7 | 1,578,516.9 | -689,469.9 |
| 2012 | 2,276,267.1 | 1,545,820.8 | -730,446.3 |
| 2011 | 2,207,954.0 | 1,482,507.0 | -725,447.0 |
| 2010 | 1,913,858.0 | 1,278,493.0 | -635,365.0 |
