The trade deficit in the US widened to $78.8 billion in July 2024, the biggest gap since June 2022, compared to a $73 billion shortfall in June and roughly in line with market forecasts. Exports increased 0.5% to a record high of $266.6 billion, due to semiconductors, government goods and financial services while there was a decline in shipments of passenger cars and gem diamonds. Meanwhile, imports soared 2.1% to $345.4 billion, the highest value since March 2022, led by purchases of computer accessories, nonmonetary gold, finished metal shapes, charges for the use of intellectual property and transport. Imports of travel on the other hand, decreased. The deficit with China increased $4.9 billion to $27.2 billion, as exports decreased $1.0 billion to $11.5 billion and imports were up $3.9 billion to $38.7 billion. The trade gap with Canada also widened $3.0 billion to $7.6 billion, as exports fell $1.4 billion to $27.3 billion and imports rose $1.7 billion to $35.0 billion. source: Bureau of Economic Analysis (BEA)
The United States recorded a trade deficit of 78.79 USD Billion in July of 2024. Balance of Trade in the United States averaged -18.19 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 -101.91 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 September of 2024.
The United States recorded a trade deficit of 78.79 USD Billion in July of 2024. Balance of Trade in the United States is expected to be -55.00 USD Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations.
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 | ||
|---|---|---|---|---|---|---|---|---|
| -78.79 | -73.02 | 1.95 | -101.91 | 1950 - 2024 | USD Billion | Monthly | SA |
News Stream
US Trade Gap Highest in Nearly 2 Years
The trade deficit in the US widened to $78.8 billion in July 2024, the biggest gap since June 2022, compared to a $73 billion shortfall in June and roughly in line with market forecasts. Exports increased 0.5% to a record high of $266.6 billion, due to semiconductors, government goods and financial services while there was a decline in shipments of passenger cars and gem diamonds. Meanwhile, imports soared 2.1% to $345.4 billion, the highest value since March 2022, led by purchases of computer accessories, nonmonetary gold, finished metal shapes, charges for the use of intellectual property and transport. Imports of travel on the other hand, decreased. The deficit with China increased $4.9 billion to $27.2 billion, as exports decreased $1.0 billion to $11.5 billion and imports were up $3.9 billion to $38.7 billion. The trade gap with Canada also widened $3.0 billion to $7.6 billion, as exports fell $1.4 billion to $27.3 billion and imports rose $1.7 billion to $35.0 billion.
2024-09-04
US Trade Balance Narrows Less than Expected
The trade deficit in the US narrowed to $73.1 billion in June of 2024 from the revised 20-month high of $75 billion in the previous month, but above market expectations of a $72.5 billion trade gap. Exports rose by 1.5% from the previous month to $265.9 billion, the second-highest on record, amid increases in sales of civilian aircraft, automotive vehicles, and energy commodities, including natural gas, petroleum products, and fuel oil. The rise in exports of goods was enough to offset a slight decrease in exports of services, largely due to less travel. In the meantime, imports rose by a softer 0.6% to $339 billion, with support from purchases of pharmaceutical operations, semiconductors and electric apparatus, and energy commodities. Among different countries, the gap with Italy decreased by $1.7 billion to $3.1 billion, the deficit with China fell by $1.6 billion to $22.3 billion, and the balance with Singapore shifted to a deficit of $0.4 billion from a surplus of $1.3 billion.
2024-08-06
US Trade Gap Largest Since October 2022
The trade deficit in the US widened to $75.1 billion in May 2024, the largest since October 2022 from a revised $74.5 billion in April and below forecasts of a $76.2 billion gap. Exports fell 0.7% to $261.7 billion, mainly industrial supplies and materials, including nonmonetary gold, other petroleum products and fuel oil. Exports also fell for automotive vehicles, parts, and engines, in particular trucks, buses, and special purpose vehicles. On the other hand, exports of travel services increased. Imports decreased at a slower 0.3% to $336.7 billion, as lower purchases of pharmaceutical preparations and automotive vehicles, parts, and engines offset increases in cell phones and other household goods, crude oil, nuclear fuel materials, and transport and travel services. Meanwhile, the trade gap widened with Mexico ($14.8 billion vs $13.7 billion in April), and China ($24 billion vs $20.1 billion), while the gap with Europe narrowed to $22.7 billion from $25.9 billion.
2024-07-03
