United States Balance of Trade

Last Release

Nov 30, 2024

Actual

-78.19

Units In

USD Million

-73.84

Frequency

Monthly

Next Release

Feb 05, 2025

Time to Release

27 Days 13 Hours

Highest	Lowest	Average	Date Range	Source
1,946 Jun 1975	-109,802 Mar 2022	-16,755.22 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 $78.2 billion in November 2024 compared to a revised $73.6 billion gap in October and roughly in line with forecasts. Imports rose 3.4% to $351.6 billion, the biggest gain since March 2022, led by purchases of foods, feeds, and beverages, semiconductors, passenger cars, civilian aircraft, nonmonetary gold and crude oil. Meanwhile, exports rose 2.7% to a record high of $273.4 billion, led by sales of other petroleum products, passenger cars, pharmaceutical preparations, crude oil, plastic materials, trucks, buses, and special purpose vehicles and civilian aircraft engines. The US deficit was little changed with China ($-25.4 billion vs $-25.5 billion) and Mexico ($-15.4 billion) but widened with the European Union ($-20.5 billion vs $-17.1 billion), namely Germany ($-6.9 billion vs $-5.4 billion) and France ($-2.2 billion vs $-0.09 billion), as well as with Vietnam ($-11.3 billion vs $-11 billion).