That trade deficit results from a -12.2% reduction compared to the -$1.313 trillion deficit for 2022 and a 44.6% expansion from -$797.7 billion of red ink 8 years earlier in 2016.
Petroleum gases, refined petroleum oils, soya beans, coal including solid fuels made from coal and corn drove the highest positive trade balances for the United States during 2023. The severest US deficits were for cars, mobile phones and computers.
America enjoyed the highest per-country trade surpluses in 2023 at the expense of the Netherlands, Hong Kong, United Arab Emirates, Australia, Belgium and Panama. The greatest amounts of red ink arose from US trade with mainland China, Mexico, Vietnam and Germany.
Products Generating Greatest Trade Surpluses for the United States
The following 10 leading products generated a surplus subtotal of US$197.5 billion for US in its global trade during 2023. Metrics listed below highlight US’s strongest competitive advantages over worldwide trading partners by product.
- Petroleum gases: US$51.5 billion (Up 1,003% since 2016)
- Processed petroleum oils: $43.9 billion (Up 109.4%)
- Soya beans: $27.5 billion (Up 22.2%)
- Coal, solid fuels made from coal: $14.8 billion (Up 301.5%)
- Corn: $13.3 billion (Up 36.4%)
- Ethylene polymers: $11.8 billion (Up 256.1%)
- Gold (unwrought): $10.9 billion (Up 800.7%)
- Machinery for making semi-conductors: $9.1 billion (Up 24.8%)
- Integrated circuits/microassemblies: $7.5 billion (Up 86%)
- Miscellaneous nuts: $7.3 billion (Up 13.9%)
Among product categories that increased by positive percentage amounts, improving at the fastest rate over the latest 8-year period were petroleum gases (up 1,003% from 2016), unwrought gold (up 800.7%), coal including solid fuels made from coal (up 301.5%), ethylene polymers (up 256.1%) then processed petroleum oils (up 109.4%).
Products Causing Biggest Trade Deficits for the United States
The 10 major products below accumulated a deficit subtotal of -US$553.2 billion for the US in international trade for 2023. America has demonstrated the severest competitive disadvantages in the exports and imports of the following commodities.
- Cars: -US$147.3 billion (Up 23.3% since 2016)
- Phone devices including smartphones: -$81 billion (Up 13.8%)
- Computers, optical readers: -$73.5 billion (Up 37.8%)
- Crude oil: -$55.3 billion (Down -44%)
- Medication mixes in dosage: -$52.9 billion (Up 17.3%)
- Automobile parts/accessories: -$40.3 billion (Up 73.7%)
- Blood fractions (including antisera): -$32.1 billion (Up 2,913%)
- Electric storage batteries: -$24.4 billion (Up 1040.5%)
- Miscellaneous furniture: -$24.3 billion (Up 19.5%)
- Seats (excluding barber/dentist chairs): -$22.2 billion (Up 14%)
America’s red ink in global trade expanded over the 8-year period at the severest levels for the following products: blood fractions including antisera (up 2,913% from 2016), electric storage batteries (up 1,041%), automobile parts and accessories (up 73.7%), computers including optical readers (up 37.8%) and cars (up 23.3%).
Countries Generating Greatest Trade Surpluses for the United States
In 2023, America generated a surplus subtotal worth US$151.1 billion with the following 10 trading partners.
- Netherlands: US$42.8 billion (Up 86.4% since 2016)
- Hong Kong: $23.5 billion (Down -14%)
- United Arab Emirates: $18 billion (Down -4.5%)
- Australia: $17.3 billion (Up 39.9%)
- Belgium: $15.3 billion (Up 4.6%)
- Panama: $10.7 billion (Up 88.8%)
- United Kingdom: $8.6 billion (Reversing a -$77.7 million deficit)
- Dominican Republic: $5.8 billion (Up 95.3%)
- Argentina: $4.7 billion (Up 30.3%)
- Guatemala: $4.45 billion (Up 185.7%)
From 2016 to 2023 and on the greatest percentage basis, US surpluses increased at the fastest pace trading with Guatemala (up 185.7%), Dominican Republic (up 95.3%), Panama (up 88.8%) and the Netherlands (up 86.4%).
In addition, the United States transitioned from a -$77.6 million deficit in 2016 to an $8.6 billion surplus for 2023 trading with the United Kingdom.
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$1.024 trillion deficit subtotal in 2023 from buying and selling exported and imported goods.
- mainland China: -US$300.2 billion (Down -17.9% since 2016)
- Mexico: -$156.9 billion (Up 137.7%)
- Vietnam: -$109.1 billion (Up 224.3%)
- Germany: -$86.4 billion (Up 29.5%)
- Canada: -$78.4 billion (Up 349.1%)
- Japan: -$75.4 billion (Up 5%)
- Ireland: -$65.8 billion (Up 81.9%)
- South Korea: -$54.9 billion (Up 85.3%)
- Taiwan: -$50.1 billion (Up 244.4%)
- India: -$47.2 billion (Up 80.8%)
Causing triple-digit percentage increases for America’s country-specific deficits since 2016 were traders in Canada (up 349.1%), Taiwan (up 244.4%), Vietnam (up 224.3%) and Mexico (up 137.7%).
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
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on December 6, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on December 6, 2024
International Trade Centre, Trade Map. Accessed on December 6, 2024
Investopedia, Net Exports Definition. Accessed on December 6, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on December 6, 2024