United States balance of trade

The balance of trade of the United States moved into substantial deficit from the late 1990s, especially with China and other Asian countries. This has been accompanied by a relatively low savings ratio and high levels of government and corporate debt. Debate continues over the causes and impacts of this trade deficit, and the nature of any measures required in response.

History

The US last had a trade surplus in 1975. In 1985, the United States began running a persistent trade deficit with China. During the 1990s, the overall U.S. trade deficit expanded, particularly with Asian economies. By 2012, the U.S. trade deficit, along with the federal budget deficit and public debt, reached record or near-record levels. In 2025, the seasonally adjusted U.S. goods and services deficit on a balance-of-payments basis was $901.5 billion, down $2.1 billion, or 0.2 percent, from 2024. Exports increased 6.2 percent to $3.4323 trillion and imports increased 4.8 percent to $4.3338 trillion. The goods deficit increased by $25.5 billion to $1.2409 trillion, while the services surplus increased by $27.6 billion to $339.5 billion.

Causes and impact

The notion that bilateral trade deficits are bad in and of themselves is overwhelmingly rejected by trade experts and economists. Some economists note that the trade deficit increases when the U.S. economy grows and Americans are able to buy the goods and services they want from abroad. But many also worry that a persistent trade deficit could lead to lower employment and economic growth in the United States.

Over the long run, nations with trade surpluses tend also to have a savings surplus. The U.S. generally has developed lower savings rates than its trading partners, which have tended to have trade surpluses. Germany, France, Japan, and Canada have maintained higher savings rates than the U.S. over the long run.The shift away from thrift.The Economist, April 7, 2005.

According to Carla Norrlöf, there are three main benefits to trade deficits for the United States:

Greater consumption than production: the US enjoys the better side of the bargain by being able to consume more than it produces Usage of efficiently produced foreign-made intermediate goods is productivity-enhancing for US firms: the US makes the most effective use of the global division of labor A large market that other countries are reliant on for exports enhances American bargaining power in trade negotiations

Balance of trade table + US trade in goods imbalance by country (2023) https://www.census.gov/foreign-trade/balance/ Country Exports (USD billion) Imports (USD billion) Trade imbalance (USD billion) Trade imbalance / exports China 147.8 426.9 Mexico 322.7 475.2 Vietnam 9.8 114.4 Germany 76.7 159.3 Japan 75.7 147.2 Ireland 16.8 82.3 Canada 354.4 418.6 South Korea 65.1 116.2 Taiwan 40.0 87.8 Italy 28.9 72.9 India 40.4 83.7 Thailand 15.6 56.3 Malaysia 19.4 46.2 Switzerland 27.8 52.3 Indonesia 9.8 26.8 France 43.9 57.6 Austria 5.5 19.1 Sweden 8.6 18.4 Hungary 3.1 10.9 South Africa 7.1 14.0 Israel 14.0 20.8 Finland 3.0 7.3 Russia 0.6 4.6 Philippines 9.3 13.3 Nigeria 2.6 5.7 Czech Republic 4.6 7.5 Poland 11.0 13.2 Saudi Arabia 13.8 15.9 Algeria 1.2 3.0 Norway 5.0 6.1 Venezuela 2.5 3.6 Singapore 42.4 40.9 0.035 Colombia 17.7 16.1 0.090 Spain 25.2 23.1 0.083 Egypt 4.5 2.4 0.467 Chile 18.8 15.6 0.170 Argentina 11.4 6.4 0.439 Brazil 44.6 39.1 0.123 United Kingdom 74.3 64.2 0.136 Belgium 38.8 22.8 0.412 Australia 33.6 15.9 0.527 Hong Kong 27.8 4.1 0.853 Netherlands 81.3 38.5 0.526 Other Countries 211.0 204.0 0.033 Total 2,018.1 3,080.2

Balance of trade by select country by year Canada This table shows the balance of trade by year for Canada that is seasonally adjusted in the millions of dollars. This table only displays trade of goods. Source: YearImportsExportsBalance2024411,886.7349,908.22023418,010.3354,408.02022437,417.6359,084.22021357,274.7309,604.02020270,025.5256,212.32019318,588.8292,820.32018318,574.8299,731.72017299,065.4282,773.82016277,719.8266,734.52015296,305.1280,855.22014349,286.1312,817.02013332,503.6300,754.92012324,263.0292,650.5

China This table shows the balance of trade by year for China that is seasonally adjusted in the millions of dollars. This table only displays trade of goods. Source: YearImportsExportsBalance2024438,742143,226.72023427,246.6147,635.52022536,268.7153,987.42021504,246.3151,439.42020432,548124,581.52019449,110.7106,481.22018538,514.2120,281.22017505,165.1129,997.22016462,420115,594.82015483,201.7115,873.42014468,474.9123,657.22013440,430.0121,746.22012425,619.1110,516.6

Mexico This table shows the balance of trade by year the United States has with Mexico that is seasonally adjusted in the millions of dollars. This table only displays trade of goods. The last year the United States had a trade surplus with Mexico was in 1994. Source: YearImportsExportsBalance2024505,523.2334,031.92023472,907.4323,637.22022452,015327,016.12021382,569.3277,194.62020323,476.9212,512.82019356,093.6256,676.52018343,680.5265,9682017312,666.7243,6092016293,500.6230,228.82015296,433.3236,460.12014295,730.0241,007.22013280,556.0225,954.42012277,593.6215,875.1

India This table shows the balance of trade by year the United States has with India that is seasonally adjusted in the millions of dollars. This table only displays trade of goods. Source: YearImportsExportsBalance202487,338.141,537202383,557.140,317.5202285,517.446,819.2202173,308.239,817.4202051,254.627,081.7201957,879.034,222.8201854,249.633,176.6201748,549.425,647.8201646,024.221,647.2201544,782.721,452.9201445,358.021,499.1201341,810.021,810.4201240,512.622,105.7

Balance of trade by year This table lists the balance of trade by year in millions of dollars and this contains the seasonally adjusted results regardless of country. This table only displays trade of goods. Source: YearImportsExportsBalance20243,266,410.22,061,690.820233,076,796.42,020,479.220223,239,732.92,072,64820212,828,515.51,757,743.720202,331,477.21,429,995.420192,491,699.61,645,940.320182,536,145.31,665,786.920172,339,591.31,547,195.420161,451,4592,186,78520151,503,328.42,248,811.420141,621,873.82,356,356.120132,267,986.71,578,516.920122,276,267.11,545,820.820112,207,954.01,482,507.020101,913,858.01,278,493.0

July 2026

The "goods and services deficit was $88.6 billion in July", according to website BEA.gov.https://www.nrk.no/nyheter/usas-handelsunderskudd-stiger--1.18013244. NRK.no. Retrieved 2026-09-03https://www.bea.gov/news/2026/us-international-trade-goods-and-services-july-2026. Bea.gov. Retrieved 2026-09-03

See also

Foreign trade of the United States United States foreign aid

References