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.

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.

Graph and download economic data for Trade Balance: Goods and Services, Balance of Payments Basis (BOPGSTB) from Jan 1992 to Jan 2025 about BOP, balance, headline figure, trade, goods, services, and USA.

Key information about US's Trade Balance

• US's Trade Balance recorded a deficit of 155.6 USD bn in Jan 2025, compared with a deficit of 122.1 USD bn in the previous month
• US's Trade Balance data is updated monthly, available from Jan 1986 to Jan 2025, with an averaged value of -51.2 USD bn
• The data reached an all-time high of -3.7 USD bn in Feb 1992 and a record low of -155.6 USD bn in Jan 2025

• In the latest reports, US's Total Exports reached 171.6 USD bn in Jan 2025, a decrease of 26.1% YoY (year-on-year)
• Total Imports recorded 327.1 USD bn in Jan 2025, an increase of 26.1% YoY (year-on-year)

This statistic shows the United States goods trade deficit with China from 2014 to 2024. In 2024, the value of U.S. imports from China exceeded the exports to China by around 295.4 billion U.S. dollars.

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.

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.

United States US: Trade Balance: Advanced Economies: Korea data was reported at -1.803 USD bn in May 2018. This records a decrease from the previous number of -1.617 USD bn for Apr 2018. United States US: Trade Balance: Advanced Economies: Korea data is updated monthly, averaging -267.300 USD mn from Feb 1960 (Median) to May 2018, with 698 observations. The data reached an all-time high of 626.400 USD mn in Mar 1997 and a record low of -3.283 USD bn in Apr 2016. United States US: Trade Balance: Advanced Economies: Korea 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: Monthly.

United States Trade Balance: India: sa data was reported at -1.908 USD bn in May 2018. This records an increase from the previous number of -2.040 USD bn for Apr 2018. United States Trade Balance: India: sa data is updated monthly, averaging -1.743 USD bn from Jan 2009 (Median) to May 2018, with 113 observations. The data reached an all-time high of -22.000 USD mn in Aug 2009 and a record low of -2.656 USD bn in Apr 2014. United States Trade Balance: India: sa data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s USA – Table US.JA010: Trade Statistics: Census Basis: By Country: Trade Balance.

United States Trade Balance: BoP: sa: Goods Non Petroleum data was reported at -60.143 USD bn in May 2018. This records an increase from the previous number of -62.520 USD bn for Apr 2018. United States Trade Balance: BoP: sa: Goods Non Petroleum data is updated monthly, averaging -32.948 USD bn from Jan 1992 (Median) to May 2018, with 317 observations. The data reached an all-time high of -863.900 USD mn in Feb 1992 and a record low of -69.268 USD bn in Feb 2018. United States Trade Balance: BoP: sa: Goods Non Petroleum data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s USA – Table US.JA002: Trade Statistics: BoP Basis: Seasonally Adjusted.

Trade is the sum of exports and imports of goods and services measured as a share of gross domestic product.

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.

The average for 2023 based on 38 countries was 17.57 billion U.S. dollars. The highest value was in China: 386.06 billion U.S. dollars and the lowest value was in India: -86.33 billion U.S. dollars. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

Graph and download economic data for Shares of gross domestic product: Net exports of goods and services (A019RE1A156NBEA) from 1929 to 2024 about Shares of GDP, exports, Net, goods, services, GDP, and USA.

United States US: Trade Balance: Other Countries Not Elsewhere Classified: North Korea data was reported at 0.003 USD mn in 2017. This records a decrease from the previous number of 0.139 USD mn for 2016. United States US: Trade Balance: Other Countries Not Elsewhere Classified: North Korea data is updated yearly, averaging 2.500 USD mn from Dec 1975 (Median) to 2017, with 29 observations. The data reached an all-time high of 52.200 USD mn in 2008 and a record low of -0.576 USD mn in 1989. United States US: Trade Balance: Other Countries Not Elsewhere Classified: North Korea 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: Annual.

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.

United States US: Trade Balance: Advanced Economies: Singapore data was reported at 10.356 USD bn in 2017. This records an increase from the previous number of 9.068 USD bn for 2016. United States US: Trade Balance: Advanced Economies: Singapore data is updated yearly, averaging 162.500 USD mn from Dec 1958 (Median) to 2017, with 58 observations. The data reached an all-time high of 13.811 USD bn in 2014 and a record low of -3.963 USD bn in 1996. United States US: Trade Balance: Advanced Economies: Singapore 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: Annual.

United States US: Trade Balance: Other Countries Not Elsewhere Classified data was reported at 90.733 USD mn in Mar 2018. This records an increase from the previous number of 63.659 USD mn for Dec 2017. United States US: Trade Balance: Other Countries Not Elsewhere Classified data is updated quarterly, averaging 5.000 USD mn from Mar 1960 (Median) to Mar 2018, with 233 observations. The data reached an all-time high of 201.700 USD mn in Jun 2008 and a record low of -100.000 USD mn in Jun 1960. United States US: Trade Balance: Other Countries Not Elsewhere Classified 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 Net Exports of Goods and Services (NETEXP) from Q1 1947 to Q4 2024 about exports, Net, goods, services, GDP, and USA.