United States • Trade
USA — Trade Deficit
Data through 30 Jun 2025
usa-trade-deficit-bea-2025-06-v1
Azure SQL serving model
−$918B
2024
Goods deficit
VerifiedServices surplus
VerifiedCurrent account / GDP
VerifiedChina share of goods gap
VerifiedFeatured chart • USD billions
The gap is entirely in goods
Annual goods deficit, services surplus and their combined total.Detailed analysis
Where the gap is, why it exists, and what moves it
Where it sits
Bilateral goods balances
China
−$295.4B
Mexico
−$171.8B
Vietnam
−$123.5B
Ireland
−$86.7B
Germany
−$84.8B
Taiwan
−$73.9B
Japan
−$68.5B
South Korea
−$66B
Canada
−$63.3B
India
−$45.7B
A bilateral gap is not a scoreboard of fair dealing. It reflects comparative advantage and where supply chains route final assembly.
Why it exists
Saving, investment and the identity
Gross national saving
17.6%
Gross domestic investment
21.5%
Saving minus investment
−3.9%
Current-account balance
−3.9%
Federal budget deficit
−6.3%
National saving minus domestic investment equals the current account by construction. The trade gap is the arithmetic consequence of investing more than the country saves — foreign capital arrives as imported goods.
What tariffs did
China's share of the goods gap
China's share fell from 46.5% in 2017 to 24.4% in 2024, while the total goods gap widened from −$807.5B to −$1,211.7B. The gap moved to other partners rather than closing.
What would move it
Policy levers by estimated effect
Reduce the federal deficit
+1.2%
Raise private saving
+0.5%
Expand export capacity
+0.4%
Open services markets abroad
+0.3%
Broad import tariffs
−0.1%
Estimated narrowing of the external gap in percent of GDP. These are reviewed assessments, not measurements, and are excluded from Ask Exa's grounding so answers rest only on observed data.
Current run-rate
Monthly trade balance
Composition
Goods gap versus services surplus
2019
2020
2021
2022
2023
2024
Goods
Services
Total
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