The US trade deficit increased slightly to a three-month high of $68.3 billion in January of 2023 from a downwardly revised $67.2 billion in December, compared to market forecasts of a $68.9 billion gap. Exports were up 3.4% to $257.5 billion, led by sales of pharmaceutical preparations, civilian aircraft, telecommunications equipment and passenger cars while a decline was seen for travel and transport. Meanwhile, imports rose 3% to $325.8 billion, prompted by purchases of cell phones, pharmaceutical preparations, toys, games, and sporting good, trucks, buses, and special purpose vehicles, passenger cars, electric apparatus, telecommunications equipment and travel. The US recorded trade deficits with China ($21.9 billion), the EU ($18.5 billion), Mexico ($12.2 billion), Vietnam ($8 billion), Japan ($5.6 billion) and Canada ($5.4 billion) while surpluses were seen with South and Central America ($4.8 billion), the UK ($2.7 billion), Australia ($1.5 billion) and Hong Kong ($1.5 billion). source: Bureau of Economic Analysis (BEA)

Balance of Trade in the United States averaged -17170.26 USD Million from 1950 until 2023, reaching an all time high of 1946.00 USD Million in June of 1975 and a record low of -106445.00 USD Million 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 2023.

Balance of Trade in the United States is expected to be -61000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

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United States Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2023-02-07 01:30 PM Dec $-67.4B $-61B $-68.5B $-68.8B
2023-03-08 01:30 PM Jan $-68.3B $-67.2B $-68.9B $-69.0B
2023-04-05 12:30 PM Feb $-68.3B


Related Last Previous Unit Reference
Balance of Trade -68289.00 -67210.00 USD Million Jan 2023
Current Account -217106.00 -238727.00 USD Million Sep 2022
Exports 257496.00 249004.00 USD Million Jan 2023
Imports 325785.00 316214.00 USD Million Jan 2023
Goods Trade Balance -91500.00 -89670.00 USD Million Jan 2023

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
-68289.00 -67210.00 1946.00 -106445.00 1950 - 2023 USD Million Monthly
SA

News Stream
US Trade Gap Lower than Expected to Kick Off 2023
The US trade deficit increased slightly to a three-month high of $68.3 billion in January of 2023 from a downwardly revised $67.2 billion in December, compared to market forecasts of a $68.9 billion gap. Exports were up 3.4% to $257.5 billion, led by sales of pharmaceutical preparations, civilian aircraft, telecommunications equipment and passenger cars while a decline was seen for travel and transport. Meanwhile, imports rose 3% to $325.8 billion, prompted by purchases of cell phones, pharmaceutical preparations, toys, games, and sporting good, trucks, buses, and special purpose vehicles, passenger cars, electric apparatus, telecommunications equipment and travel. The US recorded trade deficits with China ($21.9 billion), the EU ($18.5 billion), Mexico ($12.2 billion), Vietnam ($8 billion), Japan ($5.6 billion) and Canada ($5.4 billion) while surpluses were seen with South and Central America ($4.8 billion), the UK ($2.7 billion), Australia ($1.5 billion) and Hong Kong ($1.5 billion).
2023-03-08
US Trade Gap Widens in December
The trade deficit in the US widened to $67.4 billion in December 2022 from a downwardly revised $61 billion in November which was the lowest since September 2020. Figures compare with forecasts of a $68.5 billion gap, with exports falling 0.9% to $250.2 billion, led by nonmonetary gold, crude oil and foods, feeds and beverages while imports rose 1.3% to $317.6 billion, prompted by purchases of cell phones and passenger cars. Considering the full 2022, the US trade deficit went up to a record high of $948.1 billion, equivalent to 3.7% of the GDP from $845 billion in 2021, as rising inflation, high energy prices and robust demand pushed imports to the highest level ever. The goods gap widened by 9.3% to $1191.8 billion while the services surplus narrowed 0.6% to $243.7 billion. Exports of goods increased 17.7% to $2,085.6 billion and imports jumped 16.3% to $3,277.3 billion, both led by crude oil. The deficit with China widened to $382.9 billion and the one with Canada to $81.6 billion.
2023-02-07
US Trade Gap Lowest in Over 2 Years
The US trade deficit narrowed to $61.5 billion in November of 2022, the lowest since September of 2020, and below forecasts of a $73 billion gap. It reflected a decrease in the goods deficit of $15.3 billion to $84.1 billion and an increase in the services surplus of $1.0 billion to $22.5 billion. Total exports were down 2% to $251.9 billion, led by falls in sales of natural gas, crude oil, nonmonetary gold, civilian aircraft and travel while shipments rose for pharmaceutical preparations, telecommunications, computer, and information services and charges for the use of intellectual property. Meanwhile, imports of goods and services declined 6.4% to $313.4 billion, due a broad-based decrease, namely pharmaceutical preparations, cell phones, crude oil, passenger cars, computers and travel. The deficit with China decreased $5.8 billion to $20.4 billion and the gap with the EU narrowed $3.6 billion to $19.5 billion.
2023-01-05