The trade gap in the US widened to USD 67.1 billion in August of 2020 from a downwardly revised USD 63.4 billion in July and higher than market forecasts of USD 66.1 billion. It is the biggest trade deficit since a record high in August of 2006 as imports returned to pre-pandemic levels while exports rose at a slower pace. The goods gap reached a record high of USD 83.9 billion while the services surplus shrank to USD 16.8 billion, the lowest since 2012. Imports increased 3.2% to USD 239 billion, the highest level since February, mainly led by purchases of pharmaceutical preparations; passenger cars; and crude oil while declines were seen for nonmonetary gold and finished metal shapes. Exports increased 2.2% to USD 171.9 billion, with sales rising mostly for nonmonetary gold and soybeans while shipments of semiconductors went down. The trade deficit with China fell 6.7% to USD 26.4 billion.

Balance of Trade in the United States averaged -15315.60 USD Million from 1950 until 2020, reaching an all time high of 1946 USD Million in June of 1975 and a record low of -68277 USD Million in August of 2006. This page provides the latest reported value for - United States Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Bureau of Economic Analysis (BEA)

Balance of Trade in the United States is expected to be -62000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in the United States to stand at -51000.00 in 12 months time. In the long-term, the United States Balance of Trade is projected to trend around -63000.00 USD Million in 2021 and -53000.00 USD Million in 2022, according to our econometric models.

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United States Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-67102.00 -63370.00 1946.00 -68277.00 1950 - 2020 USD Million Monthly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-07-02 12:30 PM May $-54.6B $-49.8B $-53B $ -53B
2020-08-05 12:30 PM Jun $-50.7B $-54.8B $-50.1B $-50.7B
2020-09-03 12:30 PM Jul $-63.6B $-53.5B $-58B $ -59B
2020-10-06 12:30 PM Aug $-67.1B $-63.4B $-66.1B $ -66.5B
2020-11-04 01:30 PM Sep $-67.1B $ -59B
2020-12-04 01:30 PM Oct


News Stream
US Trade Gap Highest in 14 Years
The trade gap in the US widened to USD 67.1 billion in August of 2020 from a downwardly revised USD 63.4 billion in July and higher than market forecasts of USD 66.1 billion. It is the biggest trade deficit since a record high in August of 2006 as imports returned to pre-pandemic levels while exports rose at a slower pace. The goods gap reached a record high of USD 83.9 billion while the services surplus shrank to USD 16.8 billion, the lowest since 2012. Imports increased 3.2% to USD 239 billion, the highest level since February, mainly led by purchases of pharmaceutical preparations; passenger cars; and crude oil while declines were seen for nonmonetary gold and finished metal shapes. Exports increased 2.2% to USD 171.9 billion, with sales rising mostly for nonmonetary gold and soybeans while shipments of semiconductors went down. The trade deficit with China fell 6.7% to USD 26.4 billion.
2020-10-06
US Trade Gap Highest since 2008
The US trade deficit jumped to $63.6 billion in July of 2020 from a downwardly revised $53.5 billion gap in June and above market forecasts of a USD 58 billion deficit. It is the highest trade gap since July of 2008, reflecting an increase in the goods deficit of $9.3 billion to $80.9 billion and a decrease in the services surplus of $0.8 billion to $17.4 billion, the lowest since 2012. Both exports and imports increased in July but remained below pre-pandemic levels, reflecting the ongoing impact of COVID-19, as many businesses continued to operate at limited capacity or ceased operations completely, and the movement of travelers across borders remained restricted. Exports went up 8.1% to $168.1 billion, boosted by sales of cars, crude oil, semicondutors and diamonds. Imports surged 10.9% to $231.7 billion, mainly due to cars, auto parts, civilian aircrafts, cell phones and finished metal shapes
2020-09-03
US Trade Gap Narrows in June as Exports, Imports Rise
The US trade deficit narrowed to USD 50.7 billion in June 2020 from a revised one-and-a-half-year high of USD 54.8 billion in the previous month and compared to market expectations of USD 50.1 billion. Both exports and imports rebounded firmly as global demand recovers from the coronavirus shock. Exports increased 9.4 percent boosted by sales of vehicles, civilian aircraft, telecommunications equipment, electric apparatus and fuel. Exports of services also contributed to the increase on the back of transport. At the same time, imports advanced 4.7 percent as purchases were up for vehicles, consumer goods such as cell phones and gem diamonds, and capital goods in particular computers, telecommunications equipment and electric apparatus. Imports of services rose due mainly to transport.
2020-08-05
US Trade Gap Highest since 2018
The US trade deficit widened to $54.6 billion in May of 2020 from an upwardly revised $49.8 billion in April, and higher than forecasts of $53 billion. It is the biggest trade gap since December of 2018 as both exports and imports fell in part due to the impact of COVID-19, as many businesses were operating at limited capacity or ceased operations completely, and the movement of travelers across borders was restricted. Exports dropped 4.4% to $144.5 billion, the lowest level since November of 2009, led by crude, fuel oil; semiconductors and computer accessories; financial and other business services; and charges for the use of intellectual property. Imports shrank 0.9% to $199.1 billion, the lowest since July of 2010, led by a slump in purchases of automotive vehicles, parts, and engines and capital goods such as computers. The deficit with China widened $1.9 billion to $27.9 billion as exports went up to $10.0 billion and imports increased $2.7 billion to $37.9 billion.
2020-07-02

United States Balance of Trade
The United States has been running consistent trade deficits since 1976 due to high imports of oil and consumer products. In 2018, the biggest trade deficits were recorded with China, Mexico, Germany, Japan, Ireland, Vietnam and Italy and the biggest trade surpluses with Hong Kong, Netherlands, Australia, United Arab Emirates, Belgium, Brazil and Panama. China is the top trading partner, accounting for 16 percent of total trade, followed by Canada (15 percent) and Mexico (15 percent).