The US recorded a $67.4 billion trade gap in January 2024, the biggest in nine months, compared to an upwardly revised $63.5 billion gap in December and forecasts of $63.5 billion. Exports edged up a meager 0.1% to $257.2 billion, with sales rising for nonmonetary gold, passenger cars, consumer and capital goods, travel and financial services, but falling for crude and fuel oil. Meanwhile, imports rose 1.1% to $324.6 billion, led by passenger cars, trucks, buses, and special purpose vehicles, computer accessories, computers, semicondutors, travel and financial services, while purchases went down for crude oil, cell phones and other household goods and transport. Deficits were recorded with China ($22.9 billion), European Union ($18.1 billion) and Mexico ($12.7 billion) while trade surpluses were recorded with Netherlands ($4.1 billion), Hong Kong ($2.2 billion) and Australia ($1.6 billion). source: Bureau of Economic Analysis (BEA)

The United States recorded a trade deficit of 67.43 USD Billion in January of 2024. Balance of Trade in the United States averaged -17.82 USD Billion from 1950 until 2024, reaching an all time high of 1.95 USD Billion in June of 1975 and a record low of -102.54 USD Billion in March of 2022. This page provides the latest reported value for - United States Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on March of 2024.

The United States recorded a trade deficit of 67.43 USD Billion in January of 2024. Balance of Trade in the United States is expected to be -64.00 USD Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-02-07 01:30 PM
Balance of Trade
Dec $-62.2B $-61.9B $-62.2B $ -63B
2024-03-07 01:30 PM
Balance of Trade
Jan $-67.4B $-64.2B $-63.5B $-64.5B
2024-04-04 12:30 PM
Balance of Trade
Feb $-67.4B $-66.5B

Components Last Previous Unit Reference
Goods Trade Balance -90509.00 -87756.00 USD Million Jan 2024

Related Last Previous Unit Reference
Balance of Trade -67.43 -64.17 USD Billion Jan 2024
Current Account -194.81 -196.40 USD Billion Dec 2023
Exports 257.19 256.86 USD Billion Jan 2024
Imports 324.63 321.03 USD Billion Jan 2024

United States Balance of Trade
The United States has been running consistent trade deficits since 1976 due to high imports of oil and consumer products. In 2022, the biggest trade deficits are recorded with China, Mexico, Vietnam, Canada, Germany, Japan, and Ireland, and the biggest trade surpluses with the Netherlands, Hong Kong, Brazil, Singapore, Australia, and United Kingdom. Canada is the top trading partner, accounting for 15 percent of total trade, followed by Mexico (14 percent) and China (13 percent).
Actual Previous Highest Lowest Dates Unit Frequency
-67.43 -64.17 1.95 -102.54 1950 - 2024 USD Billion Monthly
SA

News Stream
US Trade Gap Highest in 9 Months
The US recorded a $67.4 billion trade gap in January 2024, the biggest in nine months, compared to an upwardly revised $63.5 billion gap in December and forecasts of $63.5 billion. Exports edged up a meager 0.1% to $257.2 billion, with sales rising for nonmonetary gold, passenger cars, consumer and capital goods, travel and financial services, but falling for crude and fuel oil. Meanwhile, imports rose 1.1% to $324.6 billion, led by passenger cars, trucks, buses, and special purpose vehicles, computer accessories, computers, semicondutors, travel and financial services, while purchases went down for crude oil, cell phones and other household goods and transport. Deficits were recorded with China ($22.9 billion), European Union ($18.1 billion) and Mexico ($12.7 billion) while trade surpluses were recorded with Netherlands ($4.1 billion), Hong Kong ($2.2 billion) and Australia ($1.6 billion).
2024-03-07
US 2023 Trade Gap Narrows Most Since 2009
US trade deficit narrowed to $773.4 billion in 2023, the lowest in 3 years and down 19% from a record $951.2 billion in 2022. Imports fell 3.6% from a record $3.65 trillion in 2022 due to the lower cost of oil and the slowdown in demand for goods. Meanwhile, exports rose 1.2% or $35 billion to $258.2 billion, a record high with shipments of capital and consumer goods, and motor vehicles notching records. On the other hand, imports fell 3.6% or $142.7 billion from a record $3.65 trillion in 2022 due to the lower cost of oil and the slowdown in demand for goods. The goods trade deficit with China shrank to the smallest total since 2010 while trade gaps hit records with Mexico, Germany, Italy, the Netherlands, Mexico, South Korea, Taiwan, and India. In December alone, the deficit was little changed at $62.2 billion from a downwardly revised $61.9 billion in November, and matching forecast. Exports increased 1.5% to $258.2 billion while imports rose 1.3% to $320.4 billion.
2024-02-07
US Trade Gap Below Forecasts
The US trade gap narrowed to $63.2 billion in November 2023 from $64.5 billion in October and below forecasts of a $65 billion gap. It reflected a decrease in the goods deficit of $0.6 billion to $89.4 billion and an increase in the services surplus of $0.7 billion to $26.2 billion. Total exports were down 1.9% to $253.7 billion, prompted by a fall in sales of nonmonetary gold, crude oil, organic chemicals, autos and parts, and artwork and other collectibles while shipments increased for travel, transport and government goods and services. Meanwhile, total imports also fell 1.9% to $316.9 billion, due to purchases of cell phones and other household goods, pharmaceutical preparations, organic chemicals, drilling and oilfield equipment and transport while imports increased for crude oil and travel. The deficit decreased with China (by $2.4 billion to $21.5 billion) and the European Union (by $3.5 billion to $15.6 billion), but increased with Switzerland (by $2 billion to $2.3 billion).
2024-01-09