As of 2023, the United States had a trade deficit of about 773 billion U.S. dollars. The U.S. trade deficit has increased since 2009, peaking in 2022. Most recently, 2023 marked the year when the U.S. trade deficit decreased on the previous year.
What is trade deficit?
A trade deficit is, quite simply, the total value of a country’s imports of goods and services minus the total value of its exports of goods and services. When a country exports more than it imports, it has a trade surplus, and when it imports more than it exports, it has a trade deficit. A trade deficit can mean one of two things: Either the country is failing to produce enough goods for its citizens, or its citizens are wealthy enough to purchase more goods than the country produces (as is the case with the United States).
Trading partners
The United States’ top export partners are its closest neighbors, Canada and Mexico, due in part to the North American Free Trade Agreement (NAFTA), which, pending ratification, will be replaced by the United States-Mexico-Canada Agreement (USMCA). Regarding imports to the U.S., China takes the top spot, followed by Mexico and Canada.
Trade balance of the United States from 2000 to 2023
(in billion U.S. dollars)
Seasonally adjusted.
Numbers are rounded. Figures prior to 2021 are taken from reports previously published by the same source.
For detailed information on data sources and methodology, see the information section of "U.S. International Trade in Goods and Services" here.
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BEA. (February 7, 2024). Trade balance of the United States from 2000 to 2023 (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 10, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/220041/total-value-of-us-trade-balance-since-2000/
BEA. "Trade balance of the United States from 2000 to 2023 (in billion U.S. dollars)." Chart. February 7, 2024. Statista. Accessed November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/220041/total-value-of-us-trade-balance-since-2000/
BEA. (2024). Trade balance of the United States from 2000 to 2023 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/220041/total-value-of-us-trade-balance-since-2000/
BEA. "Trade Balance of The United States from 2000 to 2023 (in Billion U.S. Dollars)." Statista, Statista Inc., 7 Feb 2024, https://www-statista-com.ezproxy.canberra.edu.au/statistics/220041/total-value-of-us-trade-balance-since-2000/
BEA, Trade balance of the United States from 2000 to 2023 (in billion U.S. dollars) Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/220041/total-value-of-us-trade-balance-since-2000/ (last visited November 10, 2024)
Trade balance of the United States from 2000 to 2023 (in billion U.S. dollars) [Graph], BEA, February 7, 2024. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/220041/total-value-of-us-trade-balance-since-2000/