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Thursday, March 7, 2024 Services: 301-278-9003 Goods: 301-763-2311 2023 Trade Gap is $779.8 Billion U.S. International Trade in Goods and Services The U.S. goods and services trade deficit decreased from $951.2 billion in 2022 to $779.8 billion in 2023 (revised), as exports increased and imports decreased. The goods deficit decreased $123.4 billion to $1,059.6 billion, and the services surplus increased $48.0 billion to $279.8 billion. The goods and services deficit was 2.9 percent of current-dollar gross domestic product in 2023, down from 3.7 percent in 2022. Annual Goods and Services Trade Deficit 2003–2023 Billions of dollars, current dollars 1,000 900 800 700 600 500 400 300 200 100 0 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 U.S. Bureau of Economic Analysis U.S. Census Bureau Exports of goods and services increased $33.4 billion, or 1.1 percent, in 2023 to $3,051.8 billion. Exports of goods decreased $37.2 billion, and exports of services increased $70.6 billion. • The decrease in exports of goods reflected decreases in industrial supplies and materials ($102.7 billion) and in foods, feeds, and beverages ($17.5 billion). Increases in capital goods ($28.5 billion), in automotive vehicles, parts, and engines ($19.3 billion), and in consumer goods ($14.7 billion) partly offset the decreases. • The increase in exports of services reflected increases in travel ($39.0 billion), in transport ($7.5 billion), in financial services ($7.1 billion), in other business services ($6.0 billion), and in telecommunications, computer, and information services ($5.9 billion). Imports of goods and services decreased $138.0 billion, or 3.5 percent, in 2023 to $3,831.6 billion. Imports of goods decreased $160.6 billion, and imports of services increased $22.6 billion. • The decrease in imports of goods reflected decreases in industrial supplies and materials ($130.9 billion) and in consumer goods ($80.7 billion). An increase in automotive vehicles, parts, and engines ($59.5 billion) partly offset the decreases. • The increase in imports of services reflected an increase in travel ($34.7 billion). A decrease in transport ($14.4 billion) partly offset the increase. Real, or inflation-adjusted, statistics are also available for trade in goods (Census basis). The real goods deficit decreased 8.0 percent in 2023, compared to a 9.7 percent decrease in the nominal deficit. Real exports of goods increased 2.0 percent, compared to a 2.2 percent decrease in nominal exports. Real imports of goods decreased 2.1 percent, compared to a 4.9 percent decrease in nominal imports. For more detailed information on trade by type of good or service and with major trading partners, see “U.S. International Trade in Goods and Services, January 2024.” U.S. Bureau of Economic Analysis statistics—including gross domestic product, personal income, the balance of payments, foreign direct investment, the Input-Output Accounts, and economic statistics for states, local areas, and industries—are available at www.bea.gov. E-mail alerts are also available. Note. The next release of U.S. international trade in goods and services will be on April 4, 2024.
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