United States Balance of Trade

Last Release

Sep 30, 2024

Actual

-84.36

Units In

USD Million

-70.43

Frequency

Monthly

Next Release

Dec 05, 2024

Time to Release

28 Days 13 Hours

Highest	Lowest	Average	Date Range	Source
1,946 Jun 1975	-109,802 Mar 2022	-16,792.41 USD Million	1950-2024	U.S. Census Bureau

The United States has been running consistent trade deficits since 1976 due to high imports of oil and consumer products. In 2018, the biggest trade deficits were recorded with China, Mexico, Germany, Japan, Ireland, Vietnam and Italy and the biggest trade surpluses with Hong Kong, Netherlands, Australia, United Arab Emirates, Belgium, Brazil and Panama. China is the top trading partner, accounting for 16 percent of total trade, followed by Canada (15 percent) and Mexico (15 percent).

Latest Updates

The trade deficit in the US widened to $84.4 billion in September 2024, the highest since April 2022, and slightly above forecasts of a $84.1 billion gap, and compared to a downwardly revised $70.8 billion shortfall in August. Exports declined 1.2% to $267.9 billion after reaching a record high level in August. Lower sales were mostly recorded for pharmaceutical preparations, civilian aircraft, crude oil and maintenance and repair services while an increase in shipments was recorded for government goods and services and transport. Imports increased 3% to a new record high level of $352.3 billion, mainly due to pharmaceutical preparations, computers, passenger cars, semiconductors, nonmonetary gold, finished metal shapes and transport. In contrast, imports declined for charges for the use of intellectual property and travel.