United States Balance of Trade

Last Release

Oct 31, 2024

Actual

-73.84

Units In

USD Million

-84.36

Frequency

Monthly

Next Release

Jan 07, 2025

Time to Release

1 Months 0 Days 14 Hours

Highest	Lowest	Average	Date Range	Source
1,946 Jun 1975	-109,802 Mar 2022	-16,773.8 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 narrowed to $73.8 billion in October 2024 from an upwardly revised $83.8 billion gap in September and compared to forecasts of a $75 billion shortfall. Exports declined 1.6% to $265.7 billion due to lower sales of industrial supplies and materials, consumer goods, passenger cars, trucks, buses, and computer accessories. On the other hand, exports rose for travel, transport, charges for the use of intellectual property, telecommunications, computer, and information services, and maintenance and repair services. Meanwhile, imports contracted 4% to $339.6 billion, with purchases falling for computers, semiconductors, automotive vehicles, parts, and engines, crude oil, and pharmaceutical preparations. Among the largest trading partners, the deficit narrowed with China ($-25.5 billion vs $-26.9 billion), Mexico ($-15.4 billion vs $-16 billion), Canada ($-4.4 billion vs $-5.8 billion) and the European Union ($-17.1 billion vs $-23.8 billion).