These Are the Countries Driving the US Trade Deficit

The United States buys far more from foreign markets than it sells. According to the Observatory of Economic Complexity, the U.S. ran a $1.1 trillion trade deficit in 2023, importing over $3 trillion in foreign goods while exporting only $1.9 trillion in American-made products. While running a trade deficit is nothing new for the United […] The post These Are the Countries Driving the US Trade Deficit appeared first on 24/7 Wall St..

Apr 26, 2025 - 13:59

These Are the Countries Driving the US Trade Deficit

The United States buys far more from foreign markets than it sells. According to the Observatory of Economic Complexity, the U.S. ran a $1.1 trillion trade deficit in 2023, importing over $3 trillion in foreign goods while exporting only $1.9 trillion in American-made products. While running a trade deficit is nothing new for the United States, addressing the current imbalance has become a centerpiece of the Trump administration’s foreign and economic policy agenda.

24/7 Wall St. Key Points:

The U.S. has run a net-trade deficit for decades, and until recently, this status quo was widely accepted by American political leadership.
In the early months of his second term, however, President Donald has set out to reduce or eliminate this longstanding imbalance, targeting many of the countries driving the deficit with historically high tariffs.
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The United States has run a trade deficit every year since the mid-1970s. Over the last half century, the influx of foreign manufactured goods into the U.S. was facilitated, in part, by low import taxes, or tariffs. And until recently, the long-running status quo with regard to America’s international trade relations has been broadly accepted — both implicitly and explicitly — by economists and elected officials alike.

While there is still a widely shared consensus among economists that America’s trade deficit is not necessarily a drain on the U.S. economy, in the early months of his second term, President Donald Trump has pointedly broken from this view. For the Trump administration, unfettered international trade has hollowed out American manufacturing, hurting both businesses and workers, while also contributing to the rapid accrual of national debt. (Here is a look at the Americans who approve of Trump’s economic policies in the wake of sweeping tariff announcements.)

In what is ostensibly an attempt to reduce or reverse America’s longstanding trade imbalance, the Trump administration has implemented a minimum 10% tax on foreign made goods imported to the United States. President Trump also targeted dozens of countries with additional, reciprocal tariffs. While nearly all of the reciprocal tariffs are currently on hold for 90 days, they are slated to go back into effect in July 2025. It is likely no coincidence that many of these same countries are also those the U.S. has the largest trade deficits with.

Using data from the Observatory of Economic Complexity, 24/7 Wall St. identified the countries driving the U.S. trade deficit. Countries are ranked on the total value of products they imported from the United States in 2023, less the total value of products they exported to the U.S. the same year. Supplemental data on gross domestic product and GDP per capita in 2023 are from the World Bank and are expressed in current U.S. dollars.

The United States runs a trade deficit of at least $1 billion with each of the 43 countries on this list. Of these countries, the U.S. has the largest trade deficit with China, a country that sold $436.3 billion worth of goods to the U.S. in 2023, while buying only $153.6 billion in American products. It is likely no coincidence that China has been hit harder by American tariffs than any other country in the world. The Trump administration has exempted China from the 90 day tariff pause, and is taxing Chinese imports at a reported rate of 145%. (Here is a look at the countries with the lowest tariff rates.)

These are the countries driving the U.S. trade deficit.

Why It Matters

Aerial view of the freight shipping transport system cargo ship container. international transportation Export-import business, logistics, transportation industry concepts

Breaking from decades of precedent, President Donald Trump has implemented sweeping tariffs on American trading partners. According to the Trump administration, these tariffs are a necessary means of reducing America’s longstanding trade deficit and thereby bringing back American manufacturing and reducing the national debt. While the U.S. does have a trading surplus with many countries, it is outweighed by deficits with a number of other trading partners. In the coming months, goods imported from many of the countries driving America’s trade deficit will likely become meaningfully more expensive for American consumers.

43. Libya

U.S. trade deficit with Libya in 2023: -$1.1 billion
Total value of exports to U.S. in 2023: $1.6 billion
Total value of imports from U.S. in 2023: $425.3 million
GDP in 2023: $45.1 billion
GDP per capita in 2023: $6,173
Country location: Northern Africa

42. Trinidad and Tobago

U.S. trade deficit with Trinidad and Tobago in 2023: -$1.2 billion
Total value of exports to U.S. in 2023: $3.3 billion
Total value of imports from U.S. in 2023: $2.1 billion
GDP in 2023: $27.4 billion
GDP per capita in 2023: $20,016
Country location: Caribbean

41. Venezuela

U.S. trade deficit with Venezuela in 2023: -$1.4 billion
Total value of exports to U.S. in 2023: $3.8 billion
Total value of imports from U.S. in 2023: $2.4 billion
GDP in 2023: N/A
GDP per capita in 2023: N/A
Country location: South America

40. Jordan

U.S. trade deficit with Jordan in 2023: -$1.7 billion
Total value of exports to U.S. in 2023: $3.1 billion
Total value of imports from U.S. in 2023: $1.5 billion
GDP in 2023: $51.0 billion
GDP per capita in 2023: $4,456
Country location: Western Asia

39. Nicaragua

U.S. trade deficit with Nicaragua in 2023: -$1.7 billion
Total value of exports to U.S. in 2023: $4.4 billion
Total value of imports from U.S. in 2023: $2.7 billion
GDP in 2023: $17.8 billion
GDP per capita in 2023: $2,613
Country location: Central America

38. Saudi Arabia

U.S. trade deficit with Saudi Arabia in 2023: -$1.9 billion
Total value of exports to U.S. in 2023: $16.5 billion
Total value of imports from U.S. in 2023: $14.7 billion
GDP in 2023: $1.1 trillion
GDP per capita in 2023: $32,094
Country location: Western Asia

37. Guyana

U.S. trade deficit with Guyana in 2023: -$1.9 billion
Total value of exports to U.S. in 2023: $3.5 billion
Total value of imports from U.S. in 2023: $1.6 billion
GDP in 2023: $17.2 billion
GDP per capita in 2023: $20,765
Country location: South America

36. Algeria

U.S. trade deficit with Algeria in 2023: -$2.0 billion
Total value of exports to U.S. in 2023: $3.1 billion
Total value of imports from U.S. in 2023: $1.2 billion
GDP in 2023: $247.6 billion
GDP per capita in 2023: $5,364
Country location: Northern Africa

35. Slovenia

U.S. trade deficit with Slovenia in 2023: -$2.1 billion
Total value of exports to U.S. in 2023: $3.2 billion
Total value of imports from U.S. in 2023: $1.0 billion
GDP in 2023: $69.1 billion
GDP per capita in 2023: $32,610
Country location: Southern Europe

34. Sri Lanka

U.S. trade deficit with Sri Lanka in 2023: -$2.5 billion
Total value of exports to U.S. in 2023: $3.0 billion
Total value of imports from U.S. in 2023: $515.9 million
GDP in 2023: $84.4 billion
GDP per capita in 2023: $3,828
Country location: Southern Asia

33. Romania

U.S. trade deficit with Romania in 2023: -$2.5 billion
Total value of exports to U.S. in 2023: $3.8 billion
Total value of imports from U.S. in 2023: $1.4 billion
GDP in 2023: $350.8 billion
GDP per capita in 2023: $18,404
Country location: Eastern Europe (including Northern Asia)

32. Nigeria

U.S. trade deficit with Nigeria in 2023: -$3.3 billion
Total value of exports to U.S. in 2023: $6.3 billion
Total value of imports from U.S. in 2023: $3.0 billion
GDP in 2023: $363.8 billion
GDP per capita in 2023: $1,597
Country location: Western Africa

31. Pakistan

Pakistan | Wazir Khan Mosque, Lahore, Pakistan

U.S. trade deficit with Pakistan in 2023: -$3.5 billion
Total value of exports to U.S. in 2023: $5.2 billion
Total value of imports from U.S. in 2023: $1.7 billion
GDP in 2023: $337.9 billion
GDP per capita in 2023: $1,365
Country location: Southern Asia

30. Portugal

U.S. trade deficit with Portugal in 2023: -$3.9 billion
Total value of exports to U.S. in 2023: $6.4 billion
Total value of imports from U.S. in 2023: $2.5 billion
GDP in 2023: $289.1 billion
GDP per capita in 2023: $27,331
Country location: Southern Europe

29. Russia

U.S. trade deficit with Russia in 2023: -$4.3 billion
Total value of exports to U.S. in 2023: $4.9 billion
Total value of imports from U.S. in 2023: $594.6 million
GDP in 2023: $2.0 trillion
GDP per capita in 2023: $13,817
Country location: Eastern Europe (including Northern Asia)

28. Philippines

U.S. trade deficit with Philippines in 2023: -$4.5 billion
Total value of exports to U.S. in 2023: $13.3 billion
Total value of imports from U.S. in 2023: $8.8 billion
GDP in 2023: $437.1 billion
GDP per capita in 2023: $3,805
Country location: South-eastern Asia

27. Hungary

U.S. trade deficit with Hungary in 2023: -$4.7 billion
Total value of exports to U.S. in 2023: $7.7 billion
Total value of imports from U.S. in 2023: $2.9 billion
GDP in 2023: $212.4 billion
GDP per capita in 2023: $22,142
Country location: Eastern Europe (including Northern Asia)

26. Slovakia

U.S. trade deficit with Slovakia in 2023: -$4.8 billion
Total value of exports to U.S. in 2023: $6.2 billion
Total value of imports from U.S. in 2023: $1.3 billion
GDP in 2023: $132.9 billion
GDP per capita in 2023: $24,491
Country location: Eastern Europe (including Northern Asia)

25. Finland

U.S. trade deficit with Finland in 2023: -$5.5 billion
Total value of exports to U.S. in 2023: $9.7 billion
Total value of imports from U.S. in 2023: $4.2 billion
GDP in 2023: $295.5 billion
GDP per capita in 2023: $52,926
Country location: Northern Europe

24. South Africa

South Africa | Cape Town and the 12 Apostels from above

U.S. trade deficit with South Africa in 2023: -$6.2 billion
Total value of exports to U.S. in 2023: $13.0 billion
Total value of imports from U.S. in 2023: $6.9 billion
GDP in 2023: $380.7 billion
GDP per capita in 2023: $6,023
Country location: Southern Africa

23. Bangladesh

U.S. trade deficit with Bangladesh in 2023: -$6.4 billion
Total value of exports to U.S. in 2023: $8.6 billion
Total value of imports from U.S. in 2023: $2.2 billion
GDP in 2023: $437.4 billion
GDP per capita in 2023: $2,551
Country location: Southern Asia

22. Denmark

U.S. trade deficit with Denmark in 2023: -$6.7 billion
Total value of exports to U.S. in 2023: $12.0 billion
Total value of imports from U.S. in 2023: $5.4 billion
GDP in 2023: $407.1 billion
GDP per capita in 2023: $68,454
Country location: Northern Europe

21. Iraq

U.S. trade deficit with Iraq in 2023: -$7.5 billion
Total value of exports to U.S. in 2023: $8.9 billion
Total value of imports from U.S. in 2023: $1.4 billion
GDP in 2023: $250.8 billion
GDP per capita in 2023: $5,565
Country location: Western Asia

20. France

U.S. trade deficit with France in 2023: -$8.3 billion
Total value of exports to U.S. in 2023: $51.2 billion
Total value of imports from U.S. in 2023: $42.9 billion
GDP in 2023: $3.1 trillion
GDP per capita in 2023: $44,691
Country location: Western Europe

19. Austria

U.S. trade deficit with Austria in 2023: -$10.2 billion
Total value of exports to U.S. in 2023: $18.1 billion
Total value of imports from U.S. in 2023: $8.0 billion
GDP in 2023: $511.7 billion
GDP per capita in 2023: $56,034
Country location: Western Europe

18. Sweden

U.S. trade deficit with Sweden in 2023: -$11.0 billion
Total value of exports to U.S. in 2023: $18.1 billion
Total value of imports from U.S. in 2023: $7.2 billion
GDP in 2023: $585.0 billion
GDP per capita in 2023: $55,517
Country location: Northern Europe

17. Israel

U.S. trade deficit with Israel in 2023: -$11.1 billion
Total value of exports to U.S. in 2023: $20.3 billion
Total value of imports from U.S. in 2023: $9.2 billion
GDP in 2023: $513.6 billion
GDP per capita in 2023: $52,642
Country location: Western Asia

16. Cambodia

U.S. trade deficit with Cambodia in 2023: -$11.9 billion
Total value of exports to U.S. in 2023: $12.2 billion
Total value of imports from U.S. in 2023: $325.3 million
GDP in 2023: $42.3 billion
GDP per capita in 2023: $2,430
Country location: South-eastern Asia

15. Switzerland

U.S. trade deficit with Switzerland in 2023: -$12.5 billion
Total value of exports to U.S. in 2023: $45.1 billion
Total value of imports from U.S. in 2023: $32.6 billion
GDP in 2023: $884.9 billion
GDP per capita in 2023: $99,565
Country location: Western Europe

14. Indonesia

U.S. trade deficit with Indonesia in 2023: -$16.9 billion
Total value of exports to U.S. in 2023: $27.9 billion
Total value of imports from U.S. in 2023: $11.0 billion
GDP in 2023: $1.4 trillion
GDP per capita in 2023: $4,876
Country location: South-eastern Asia

13. Malaysia

U.S. trade deficit with Malaysia in 2023: -$26.0 billion
Total value of exports to U.S. in 2023: $44.9 billion
Total value of imports from U.S. in 2023: $18.9 billion
GDP in 2023: $399.7 billion
GDP per capita in 2023: $11,379
Country location: South-eastern Asia

12. Thailand

U.S. trade deficit with Thailand in 2023: -$40.0 billion
Total value of exports to U.S. in 2023: $58.5 billion
Total value of imports from U.S. in 2023: $18.4 billion
GDP in 2023: $515.0 billion
GDP per capita in 2023: $7,182
Country location: South-eastern Asia

11. Ireland

U.S. trade deficit with Ireland in 2023: -$43.3 billion
Total value of exports to U.S. in 2023: $67.4 billion
Total value of imports from U.S. in 2023: $24.1 billion
GDP in 2023: $551.4 billion
GDP per capita in 2023: $103,888
Country location: Northern Europe

10. India

Awesome view of the main gate of Rashtrapati Bhavan and Jaipur Column in the courtyard of Presidential Residence in New Delhi, India. The official home of the President of India on blue sky background