United States balance of trade


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. 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.
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.

Causes and impact

The notion that bilateral trade deficits are bad in and of themselves is overwhelmingly rejected by trade experts and economists.
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.
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.
According to Carla Norrlöf, there are three main benefits to trade deficits for the United States:
  1. Greater consumption than production: the US enjoys the better side of the bargain by being able to consume more than it produces
  2. Usage of efficiently produced foreign-made intermediate goods is productivity-enhancing for US firms: the US makes the most effective use of the global division of labor
  3. A large market that other countries are reliant on for exports enhances American bargaining power in trade negotiations

Balance of trade table

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:
YearImportsExportsBalance
2024411,886.7349,908.2
2023418,010.3354,408.0
2022437,417.6359,084.2
2021357,274.7309,604.0
2020270,025.5256,212.3
2019318,588.8292,820.3
2018318,574.8299,731.7
2017299,065.4282,773.8
2016277,719.8266,734.5
2015296,305.1280,855.2
2014349,286.1312,817.0
2013332,503.6300,754.9
2012324,263.0292,650.5

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:
YearImportsExportsBalance
2024438,742143,226.7
2023427,246.6147,635.5
2022536,268.7153,987.4
2021504,246.3151,439.4
2020432,548124,581.5
2019449,110.7106,481.2
2018538,514.2120,281.2
2017505,165.1129,997.2
2016462,420115,594.8
2015483,201.7115,873.4
2014468,474.9123,657.2
2013440,430.0121,746.2
2012425,619.1110,516.6

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:
YearImportsExportsBalance
2024505,523.2334,031.9
2023472,907.4323,637.2
2022452,015327,016.1
2021382,569.3277,194.6
2020323,476.9212,512.8
2019356,093.6256,676.5
2018343,680.5265,968
2017312,666.7243,609
2016293,500.6230,228.8
2015296,433.3236,460.1
2014295,730.0241,007.2
2013280,556.0225,954.4
2012277,593.6215,875.1

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:
YearImportsExportsBalance
202487,338.141,537
202383,557.140,317.5
202285,517.446,819.2
202173,308.239,817.4
202051,254.627,081.7
201957,879.034,222.8
201854,249.633,176.6
201748,549.425,647.8
201646,024.221,647.2
201544,782.721,452.9
201445,358.021,499.1
201341,810.021,810.4
201240,512.622,105.7

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:
YearImportsExportsBalance
20243,266,410.22,061,690.8
20233,076,796.42,020,479.2
20223,239,732.92,072,648
20212,828,515.51,757,743.7
20202,331,477.21,429,995.4
20192,491,699.61,645,940.3
20182,536,145.31,665,786.9
20172,339,591.31,547,195.4
20161,451,4592,186,785
20151,503,328.42,248,811.4
20141,621,873.82,356,356.1
20132,267,986.71,578,516.9
20122,276,267.11,545,820.8
20112,207,954.01,482,507.0
20101,913,858.01,278,493.0