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11 Comments
Source: International Trade Administration
Tools: Datawrapper, Illustrator
More data (and cool animated charts) [here](https://usafacts.org/articles/who-are-the-uss-top-trade-partners/).
How balanced is US trade?
The US typically imports more than it exports. In 2023, the US imported $1 trillion more in goods than it exported, marking the sixth straight year of a trade deficit in the trillions (adjusting for inflation).
In two-thirds of its trade relationships with at least $10 billion in two-way trade, the US imported more than it exported — a trade deficit.
The highest trade deficits were with China ($279 billion), Mexico ($152 billion), and Vietnam ($105 billion).
Of course, that means that with one-third of trade partners, the US exported more than it imported, creating a trade surplus. The US had its largest surpluses with the Netherlands ($43 billion), Hong Kong ($24 billion), the United Arab Emirates ($18 billion), and Australia ($18 billion).
Taken from [this article](https://usafacts.org/articles/who-are-the-uss-top-trade-partners/).
“Imported” from Mexico often means “A US company built their factories in Mexico because of cheaper labor costs with fewer regulations”
Adding a 100% tariff to all of those imported goods should help /s
“muh trade deficit!!!!! muh trade deficit!!!! someone do something about the trade deficit before it literally blows up the sun and kills us all!!!!!”
Shouldn’t we have gotten tired of this by now?
The US has been an import country for a long time because it has a very valuable export: the dollar.
No other country could do it. The US has the global reserve currency and the highest global demand on a currency.
Isn’t that always the case with us?
If we import more than we export, then we should have a nice surplus of goods.
So, unless we have a shortage of anything important, a trade deficit isn’t a problem.
Exporting more in the aggregate would just mean we would be getting a surplus of reserve currencies, and probably in foreign denominations.
International trade is sort of complex that way.
This isn’t news. It’s status quo.
It’s interesting, but import/export deficit doesn’t mean a whole lot when the US “exports” a ton of digital and intellectual goods that don’t get included in these numbers.
And yet we have the strongest economy in the world. Can anyone explain that?