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USA Has Run Annual Trade Deficits for 41 Straight Years
February 7, 2017 | With the United States running trade deficits in both goods and services combined and goods alone in 2016, the nation has not seen a trade surplus in any of the last 41 years, according to data published by the Census Bureau.
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2016 U.S. Merchandise Trade Deficit: $734,316,300,000
February 7, 2017 | The United States ran a merchandise trade deficit of $734,316,300,000 in 2016, according to data released today by the Census Bureau.
USA Has Run Annual Trade Deficits for 41 Straight Years
February 7, 2017 | With the United States running trade deficits in both goods and services combined and goods alone in 2016, the nation has not seen a trade surplus in any of the last 41 years, according to data published by the Census Bureau.
The last time the United States ran a trade surplus was 1975--when Gerald Ford was president. The Census Bureau has published historical data on annual U.S. trade balances going back to 1960. In 13 of the 16 years from 1960 through 1975, the U.S. ran goods-and-services trade surpluses and surpluses in the trade of goods (merchandise) alone. But in each of the 41 years after 1975, according to data released by the Census Bureau and the Bureau of Economic Analysis, the U.S. has run both a merchandise trade deficit and a goods and services deficit.
In 1974, as measured by the Census Bureau, the U.S. ran a merchandise trade surplus of $3,884,000,000. Then in 1975, the nation ran an $9,551,000,000 merchandise trade surplus. In 1976, however, the merchandise trade balance went back into the red—with a deficit of $$7,820,000,000. Every year since then, the U.S. has run a merchandise trade deficit. When the Bureau of Economic Analysis adds the U.S. trade balance in services to its calculation of the trade balance in goods, the U.S. still has 41 straight years of goods-and-services trade deficits.
In 1974, according to BEA, the U.S. had a goods-and-services trade deficit of $4,293,000,000. In 1975, the U.S. ran a goods-and-services trade surplus of $12,404,000,000. In 1976, however, the goods-and-services trade balance went back into the red—with a deficit of $6,082,000,000. Every year since then, the U.S. has run a goods-and-services trade deficit. The U.S. trade deficit in goods and services peaked at $714,245,000,000 in 2005, according to the BEA. In 2016, it was $502,252,000,000. The U.S. trade in goods (merchandise) trade deficit peaked at $827,971,000,000 in 2006, according to the Census Bureau. In 2016, it was $734,316,000,000.
USA Has Run Annual Trade Deficits for 41 Straight Years
See also:
2016 U.S. Merchandise Trade Deficit: $734,316,300,000
February 7, 2017 | The United States ran a merchandise trade deficit of $734,316,300,000 in 2016, according to data released today by the Census Bureau.
During 2016, the U.S. imported $2,188,940,500,000 in goods but exported only $1,454,624,200,000. The People’s Republic of China was the greatest contributor to the U.S. merchandise trade deficit for the year. The U.S bilateral merchandise trade deficit with China was $347,037,900,000. This deficit resulted from the U.S. importing $462,813,000,000 in goods from China while exporting only $115,775,100,00 in goods to China.
Japan was the second largest contributor to the U.S. merchandise trade deficit in 2016. The U.S. imported $132,201,800,000 in goods from Japan while exporting only $63,264,300,000—resulting in a deficit of $68,937,600,000. German was the third largest contributor to the U.S. merchandise trade deficit. The U.S. imported $114,227,400,000 from Germany while exporting $49,362,000,000—resulting in a deficit of $64,865,400,000.
Mexico was the fourth largest contributor to the U.S. merchandise trade deficit. The U.S. imported $294,151,000,000 from Mexico while exporting $230,959,100,000—resulting in a deficit of $63,191,900,000. Ireland was the fifth largest contributor to the U.S. merchandise trade deficit. The U.S. imported $45,503,900,000 from Ireland while exporting $9,555,700,000 to Ireland—resulting in a deficit of $35,948,200,000.
The 2016 merchandise trade deficit of $734,316,300,000 was slightly less than the $745,660,200,000 merchandise trade deficit that the United States ran in 2015 or the $735,193,900,000 merchandise trade deficit it ran in 2014. According to the Bureau of Economic Analysis, the U.S. ran a combined goods and services trade deficit of $502,300,000,000 in 2016. “Exports of services decreased $1.3 billion to $749.6 billion in 2016,” said BEA. “Imports of services increased $13.1 billion to $501.8 billion in 2016,” said BEA.
2016 U.S. Merchandise Trade Deficit: $734,316,300,000
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