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Trade Balance of Goods in United States: Overview from 2017 to 2023

Trade Balance of Goods in United States: Overview from 2017 to 2023

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TGM StatBox. (2024). Trade Balance of Goods in United States: Overview from 2017 to 2023. TGM StatBox.
Chart Details
Data Source: Calculate based World Trade Organization (WTO)'s data (export - import)
Timeframe: 2017-2023
Country: USA
Published date: 2024
Note: The trade balance reflects the difference between the value of a country’s exports and imports of goods. This figure was calculated by TGM StatBox, using data from the World Trade Organization (WTO). A positive balance signals a surplus, while a negative one indicates a deficit.
Key Takeaways
The United States recorded persistently high trade deficits, which expanded from -862,202.7 million USD in 2017 to a record -1,306,594.5 million USD in 2022, reflecting strong domestic demand for imported consumer goods, electronics, and energy. The deficit narrowed to -1,152,972.3 million USD in 2023, driven by reduced energy imports and increased exports of machinery and agricultural products.

The U.S. trade balance underscores the challenges of a consumption-driven economy reliant on imports. Efforts to boost domestic manufacturing and energy production could help mitigate trade imbalances over the long term.

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