In 2024, the U.S. foreign trade deficit reached $918.4 billion, a 17% increase from the previous year, based on information provided by the Bureau of Economic Analysis within the Commerce Department. U.S. exports totaled $3.2 trillion following $3.1 trillion in 2023. Deliveries of goods rose at a more gradual rate due to the elevated dollar exchange rates compared to currencies of emerging nations and subdued demand in China and Germany. In certain sectors, exports were further limited by increasing competition from China.
Supplies increased more vigorously from the nations that faced the hike in tariffs. Consequently, imports from China to the United States are projected to be $438.9 billion in 2024, up from $426.8 billion in 2023, whereas exports to China have continued to decrease. By the end of the year, the trade deficit with the PRC reached $295.4 billion - the U.S. does not have a larger figure with any other nation.
Last year, shipments to the U.S. from the European Union increased as well: imports climbed to $605.8 billion from $576.3 billion in 2023, with the trade deficit reaching a record $235.6 billion. Notably, for the second consecutive year, Mexico continues to be the top source of imports for the U.S., surpassing both China and Canada. In 2024, shipments rose to $505.9 billion, following $475.2 billion in 2023.
source: ft.com
Supplies increased more vigorously from the nations that faced the hike in tariffs. Consequently, imports from China to the United States are projected to be $438.9 billion in 2024, up from $426.8 billion in 2023, whereas exports to China have continued to decrease. By the end of the year, the trade deficit with the PRC reached $295.4 billion - the U.S. does not have a larger figure with any other nation.
Last year, shipments to the U.S. from the European Union increased as well: imports climbed to $605.8 billion from $576.3 billion in 2023, with the trade deficit reaching a record $235.6 billion. Notably, for the second consecutive year, Mexico continues to be the top source of imports for the U.S., surpassing both China and Canada. In 2024, shipments rose to $505.9 billion, following $475.2 billion in 2023.
source: ft.com
