This statistic shows the 20 countries with the highest trade balance deficit worldwide in 2023. In 2023, the United States reported the highest trade balance deficit with approximately 1.15 trillion U.S. dollars.

External balance on goods and services (formerly resource balance) equals exports of goods and services minus imports of goods and services (previously nonfactor services). Data are in current U.S. dollars.

The U.S. goods trade deficit with China increased by nearly 20 billion U.S. dollars in 2024, as China still had the biggest impact on U.S. bilateral trade. This is according to seasonally adjusted trade date from within the United States. Following the results of the U.S. elections in 2024, discussions surfaced on the potential of tariffs for countries that have a large trade surplus with the United States. The president-elect stated that trade tariffs of 60 percent and 25 percent might be implemented for goods from China or Mexico, respectively. The effects of such measures on the forecast GDP growth across the world were not yet clear. In Europe, however, Germany might be the most affected economy when the U.S. does implement tariffs.

As of 2024, the United States had a trade deficit of about 918 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 from 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.

International merchandise trade data grouped by Principal Trading Partners (PTP). Users have the option of selecting Imports, Exports, or Trade Balance. Data are unadjusted and seasonally adjusted, and are on a Customs and Balance of Payments basis.

In 2024, China's merchandise trade surplus amounted to around 992.2 billion U.S. dollars, significantly higher than in the previous year. The merchandise trade balance is the value of exported goods minus the value of imported goods. A positive value indicates a trade surplus, while a negative value indicates a trade deficit. Trade balance and partnersIn 2024, Chinese imports of goods amounted to approximately 2.59 trillion U.S. dollars, whereas total exports added up to about 3.58 trillion U.S. dollars. In contrast, China’s invisible trade balance, an indicator measuring services and government transfers between countries, closed with a deficit and ranged at about -92 billion U.S. dollars at the end of 2022. Being an economy heavily reliant on export, China ranked first among countries with the highest trade surplus, followed by Germany and Russia. The United States, with imports exceeding exports by approximately 1.15 trillion U.S. dollars that year, ranked first among leading import countries worldwide. In 2023, the value of the U.S. imports from China exceeded the exports to China by around 279.4 billion U.S. dollars. Another important trade partner for China is the European Union. In 2023, the EU imported around 514 billion euro-worth of goods from China, leading to a trade deficit of around 291 billion euros. Product categories with the highest trade deficit were mostly finished goods such as machinery and transport equipment, clothing, and other manufactures, whereas product categories with a more balanced trade sheet consisted of raw materials and agricultural products to a large extent.

Key information about China's Trade Balance

• China's Trade Balance recorded a surplus of 104.8 USD bn in Dec 2024, compared with a surplus of 97.3 USD bn in the previous month
• China's Trade Balance data is updated monthly, available from Jan 1992 to Dec 2024, with an averaged value of 12.8 USD bn
• The data reached an all-time high of 104.8 USD bn in Dec 2024 and a record low of -62.0 USD bn in Feb 2020

• In the latest reports, China's Total Exports reached 335.6 USD bn in Dec 2024, an increase of 20.8% YoY (year-on-year)
• Total Imports recorded 230.8 USD bn in Dec 2024, an increase of 20.8% YoY (year-on-year)

China recorded a trade surplus of 104.84 USD Billion in December of 2024. This dataset provides - China Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news.

US: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Lao People Democratic Republic data was reported at -26.980 USD mn in Mar 2018. This records a decrease from the previous number of -18.421 USD mn for Dec 2017. US: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Lao People Democratic Republic data is updated quarterly, averaging -0.100 USD mn from Sep 1961 (Median) to Mar 2018, with 220 observations. The data reached an all-time high of 8.000 USD mn in Sep 1974 and a record low of -26.980 USD mn in Mar 2018. US: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Lao People Democratic Republic data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s USA – Table US.IMF.DOT: Trade Balance: by Country: Quarterly.

Graph and download economic data for Trade Balance: Services, Balance of Payments Basis (BOPSTB) from Jan 1992 to Jan 2025 about payments, balance, trade, services, and USA.

Japan recorded a trade surplus of 584.50 JPY Billion in February of 2025. This dataset provides - Japan Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Turkey recorded a trade deficit of 8154 USD Million in February of 2025. This dataset provides the latest reported value for - Turkey Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The statistic shows the trade balance of goods (exports minus imports of goods) in the ASEAN countries in Asia from 2013 to 2023. A positive value means a trade surplus, a negative trade balance means a trade deficit. The ASEAN (Association of Southeast Asian Nations) countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. In 2023, the trade surplus of goods in Brunei amounted to about 2.77 billion U.S. dollars.

Colombia Trade Balance: Country: China data was reported at -12.391 USD bn in 2024. This records a decrease from the previous number of -10.369 USD bn for 2023. Colombia Trade Balance: Country: China data is updated yearly, averaging -3.517 USD bn from Dec 1995 (Median) to 2024, with 30 observations. The data reached an all-time high of -58.653 USD mn in 1995 and a record low of -13.176 USD bn in 2022. Colombia Trade Balance: Country: China data remains active status in CEIC and is reported by National Administrative Department of Statistics. The data is categorized under Global Database’s Colombia – Table CO.JA002: Trade Balance: Annual.

Australia recorded a trade surplus of 5085 AUD Million in December of 2024. This dataset provides the latest reported value for - Australia Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

NO: Trade Balance: Countries or Area Not Specified data was reported at 0.001 USD mn in Sep 2017. This records a decrease from the previous number of 0.621 USD mn for Jun 2016. NO: Trade Balance: Countries or Area Not Specified data is updated quarterly, averaging 0.156 USD mn from Jun 1988 (Median) to Sep 2017, with 63 observations. The data reached an all-time high of 100.794 USD mn in Jun 1997 and a record low of -4.807 USD mn in Dec 2009. NO: Trade Balance: Countries or Area Not Specified data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Norway – Table NO.IMF.DOT: Trade Balance: by Country: Quarterly.

Colombia Trade Balance: Country: Venezuela data was reported at 882.833 USD mn in 2024. This records an increase from the previous number of 555.736 USD mn for 2023. Colombia Trade Balance: Country: Venezuela data is updated yearly, averaging 521.709 USD mn from Dec 1995 (Median) to 2024, with 30 observations. The data reached an all-time high of 4.930 USD bn in 2008 and a record low of -522.612 USD mn in 1997. Colombia Trade Balance: Country: Venezuela data remains active status in CEIC and is reported by National Administrative Department of Statistics. The data is categorized under Global Database’s Colombia – Table CO.JA002: Trade Balance: Annual.

This dataset provides values for TRADE BALANCE TOTAL 1 TREND reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

This dataset provides values for TRADE BALANCE INTERMEDIATE GOODS reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

This dataset provides values for TRADE BALANCE EXTRA EA18 CONSUMER GOODS EXCL T reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.