Background

The U.S. trade deficit in goods and services increased 5.4 percent in December and was up 12.1 percent from 2016 to 2017, according to trade statistics released Feb. 6 by the Department of Commerce. The annual deficit was the highest since 2008.

Monthly statistics. The monthly trade deficit rose to $53.1 billion in December, the highest level in more than nine years. Exports were up 1.8 percent to a record $203.4 billion while imports also hit an all-time high, rising 2.5 percent to $256.5 billion.

The deficit in goods trade gained 3.7 percent to $73.3 billion in December. Imports of goods were up 2.9 percent to $210.8 billion, including increases of $1.8 billion in pharmaceutical preparations, $1.7 billion in cell phones and other household goods, and $1.1 billion in passenger cars. Exports of goods rose 2.5 percent to $137.5 billion, including increases of $800 million in civilian aircraft, $700 million in other industrial machines, and $200 million each in organic chemicals and fuel oil.

The services surplus was down 0.5 percent to $20.2 billion. Imports gained 0.7 percent to $45.7 billion and exports gained 0.2 percent to $65.9 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$34.0 billion

+1.5

   

European Union

$17.2 billion

+27.4

   

Mexico

$6.1 billion

+5.2

   

Germany

$5.7 billion

+7.5

   

Japan

$5.5 billion

-5.2

   

Italy

$3.7 billion

+32.1

   

India

$2.1 billion

-12.5

   

South Korea

$2.1 billion

+23.5

   

France

$2.1 billion

+61.5

   

Taiwan

$1.6 billion

+77.8

   

Canada

$1.4 billion

+27.3

   

Saudi Arabia

$0.6 billion

+200

   

South/Central America

   

$3.7 billion

+42.3

Hong Kong

   

$2.5 billion

+10.7

Brazil

   

$1.1 billion

+266.7

Singapore

   

$0.9 billion

-10.0

United Kingdom

   

$0.3 billion

-25.0

         
   

Annual statistics. For all of 2017 the U.S. trade deficit totaled $566.0 billion, up $61.2 billion from 2016. Exports rose 5.5 percent to $2.33 trillion and imports gained 6.7 percent to $2.90 trillion.

The goods deficit increased 7.6 percent to $810.0 billion. Exports were up 6.6 percent to $1.55 trillion, including increases of $12.4 billion in crude oil, $8.7 billion in other petroleum products, $8.6 billion in fuel oil, $6.6 billion in other industrial machines, and $4.4 billion in civilian aircraft engines. Imports were up 6.9 percent to $2.36 trillion, including gains of $31.0 billion in crude oil, $9.5 billion in cell phones and other household goods, $8.1 billion in computers, and $7.4 billion in other industrial machines.

The services surplus fell 1.5 percent to $244.0 billion. Exports increased 3.4 percent to $777.9 billion while imports rose 5.8 percent to $533.9 billion.

The deficit was 2.9 percent of gross domestic product in 2017, up from 2.7 percent in 2016.

Country/region

Deficit

% Change

Surplus

% Change

China

$375.2 billion

+8.1

   

European Union

$151.4 billion

+3.5

   

Mexico

$71.1 billion

+12.5

   

Japan

$68.8 billion

-0.1

   

Germany

$64.3 billion

-0.9

   

Ireland

$38.1 billion

+9.2

   

Italy

$31.6 billion

+10.9

   

Malaysia

$24.6 billion

-0.8

   

South Korea

$22.9 billion

-17.3

   

India

$22.9 billion

-5.8

   

Thailand

$20.4 billion

+7.9

   

Canada

$17.6 billion

+57.1

   

France

$15.3 billion

-3.2

   

Switzerland

$14.3 billion

+4.4

   

Taiwan

$13.6 billion

_25.6

   

Indonesia

$13.3 billion

+0.8

   
         

South & Central America

   

$34.3 billion

+19.1

Hong Kong

   

$32.5 billion

+18.2

Netherlands

   

$24.5 billion

+1.2

Belgium

   

$14.8 billion

-3.3

Australia

   

$14.6 billion

+15.0

Close

Cookie Consent

We use cookies on our website. By continuing to use our website, you agree to the Privacy Policy and Terms of Use.