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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
Survey Question: 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.

Discover additional trends and data on United States’ goods export value, US net financial position as a percentage of GDP, United States annual GDP growth rate.

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