The United States Trade Deficit Swells in 2024

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Viva Budy Kusnandar 14/04/2025 14:40 WIB

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The United States posted a goods and services trade deficit of US$917.84 billion in 2024, a surge from the previous year.

United States Trade Balance Surplus/Deficit (2020-2024)

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United States Trade Balance Surplus/Deficit (2020-2024)

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Based on data from the United States Department of Commerce's Bureau of Economic Analysis, the U.S. recorded a trade deficit of US$917.84 billion in 2024.

This figure is US$132.95 billion higher, or a 16.94% increase, compared to the previous year (year-on-year/yoy).

In 2024, the U.S. recorded a surplus in services trade. However, a large deficit in goods trade resulted in an overall trade deficit.

Over the past five years, the U.S. goods trade deficit has deepened, while growth in the services surplus has not been sufficient to offset it, as shown in the graph.

Here's a breakdown of the U.S. trade balance in 2024:

Goods Trade:

* Export Value: US$2.08 trillion
* Import Value: US$3.3 trillion
* Deficit: US$1.21 trillion

Services Trade:

* Export Value: US$1.11 trillion
* Import Value: US$812.2 billion
* Surplus: US$295.15 billion

Total Goods and Services Trade:

* Export Value: US$3.19 trillion
* Import Value: US$4.11 trillion
* Deficit: US$917.84 billion

The U.S. trade balance has been in deficit since 1976. This is one of the reasons why U.S. President Donald Trump imposed high import tariffs in April 2025.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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The United States Trade Deficit Swells in 2024

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