That trade deficit results from an 11.2% increase compared to the -$1.181 trillion deficit for 2021 and a 61.6% expansion from -$812.6 billion of red ink in 2015.
Petroleum gases, refined petroleum oils, soya beans, gold, corn and coal drive the highest positive trade balances for the United States during 2022.
America enjoyed the highest per-country trade surpluses in 2022 at the expense of the Netherlands, Hong Kong, Singapore and Australia. The greatest amounts of red ink result from US trade with mainland China, Mexico, Vietnam and Canada.
Products Generating Greatest Trade Surpluses for the United States
The following 10 leading products generated a surplus subtotal of US$265.9 billion for US in its global trade during 2022. Metrics listed below highlight US’s strongest competitive advantages over worldwide trading partners by product.
- Petroleum gases: US$72.1 billion (Up 6,938% since 2015)
- Processed petroleum oils: $53.1 billion (Up 142.4%)
- Soya beans: $34 billion (Up 84.7%)
- Gold (unwrought): $27.6 billion (Up 223.5%)
- Corn: $18.7 billion (Up 129%)
- Coal, solid fuels made from coal: $16.5 billion (Up 243.6%)
- Machinery for making semi-conductors: $15 billion (Up 152.6%)
- Ethylene polymers: $11.9 billion (Up 238.1%)
- Cotton (uncarded, uncombed): $9 billion (Up 132.6%)
- Integrated circuits/microassemblies: $7.9 billion (Up 70.6%)
Among categories that increased by positive percentage amounts, improving at the fastest rate over the latest 8-year period were petroleum gases (up 6,938 from 2015), coal including solid fuels made from coal (up 243.6%), ethylene polymers (up 238.1%), unwrought gold (up 223.4%) then machinery for making semi-conductors (up 152.6%).
Products Causing Biggest Trade Deficits for the United States
The 10 major products below accumulated a deficit subtotal of -US$594.1 billion for the US in international trade for 2022. America has demonstrated the severest competitive disadvantages in the exports and imports of the following commodities.
- Automobile parts/accessories: -US$45.5 billion (Up 97.7% since 2015)
- Miscellaneous furniture: -$33.1 billion (Up 72.6%)
- Computers, optical readers: -$95.3 billion (Up 68.3%)
- Medication mixes in dosage: -$57.3 billion (Up 43.9%)
- Seats (excluding barber/dentist chairs): -$27.4 billion (Up 42.9%)
- Phone devices including smartphones: -$93.3 billion (Up 37.8%)
- TV receivers/monitors/projectors: -$22.5 billion (Up 1.2%)
- Cars: -$110.5 billion (Down -2.9%)
- Crude oil: -$87.7 billion (Down -29.2%)
- Blood fractions (including antisera): -$21.6 billion (Reversing a $581.4 million surplus)
America’s red ink in global trade expanded over the 8-year period at the fastest rate for the following products: automobile parts and accessories (up 97.7% from 2015), miscellaneous furniture (up 72.6%), computers including optical readers (up 68.3%) and medication mixes in dosage (up 43.9%).
Countries Generating Greatest Trade Surpluses for the United States
In 2022, America generated a surplus subtotal worth US$149.7 billion with the following 10 trading partners.
- Netherlands: US$37.3 billion (Up 65.2% since 2015)
- Hong Kong: $20.9 billion (Down -30.8%)
- Singapore: $14 billion (Up 41.1%)
- Australia: $13.6 billion (Down -1.7%)
- United Arab Emirates: $13.5 billion (Down -33.6%)
- Brazil: $12.2 billion (Up 291.7%)
- United Kingdom: $11.9 billion (Reversing a -$3 billion deficit)
- Panama: $11.5 billion (Up 58.5%)
- Belgium: $8.1 billion (Down -43.1%)
- Dominican Republic: $6.7 billion (Up 187.8%)
From 2015 to 2022 and on the greatest percentage basis, US surpluses increased at the fastest pace trading with Brazil (up 291.7%), Dominican Republic (up 187.8%) and the Netherlands (up 65.2%).
Countries Causing Biggest Trade Deficits for the United States
America experienced a money-losing international trade relationship with over 100 countries, islands and territories. The following 10 trade partners created a collective -US$1.142 billion deficit subtotal in 2022 from buying and selling exported and imported goods.
- China: -US$421.9 billion (Up 8.7% since 2015)
- Mexico: -$134.8 billion (Up 114.8%)
- Vietnam: -$124.5 billion (Up 282%)
- Canada: -$93.3 billion (Up 317%)
- Germany: -$77.5 billion (Up 0.3%)
- Japan: -$74.1 billion (Up 1.9%)
- Ireland: -$66.5 billion (Up 117.6%)
- Taiwan: -$52.4 billion (Up 214.8%)
- South Korea: -$49.4 billion (Up 61.5%)
- Thailand: -$47.4 billion (Up 157.9%)
Leading growth in the percentage size of America’s country-specific deficits since 2015 were Canada (up 317%), Vietnam (up 282%), Taiwan (up 214.8%) and Thailand (up 157.9%).
See also United States Top 10 Imports, America’s Top Trading Partners, United States Top 10 Exports and America’s Top 20 Export States and United States Top 10 Major Export Companies
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on October 15, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on October 15, 2023
International Trade Centre, Trade Map. Accessed on October 15, 2023
Investopedia, Net Exports Definition. Accessed on October 15, 2023
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on October 15, 2023