Data is through March 2024.

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Trade Snapshot

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U.S. trade increases 0.48 percent through March

U.S. trade with the world totaled $1.26 trillion through the first three months of 2024, according to a WorldCity analysis of the latest U.S. Census Bureau data.

That’s a 0.48 percent increase over the same time period last year ago. The nation’s exports dropped 0.31 percent to $507.33 billion and imports climbed 1.02 percent to $755.57 billion. The overall trade deficit was $248.24 billion up compared to the same period last year, when the deficit was $239.08 billion.

Through March, the nation’s top trade partners were No. 1 Mexico, No. 2 Canada, No. 3 China, No. 4 Germany and No. 5 Japan. The same time period last year, the top five spots were held by No. 1 Mexico, No. 2 Canada, No. 3 China, No. 4 Germany and No. 5 Japan, respectively.

Taking a closer look at the leading U.S. trade partners:

  • No. 1 Mexico’s trade rose 1.7 percent to $200 billion. Exports fell 1.24 percent to $80 billion. Imports rose 3.77 percent to $120 billion.
  • No. 2 Canada’s trade fell 2.04 percent to $187 billion. Exports fell 0.64 percent to $86 billion. Imports fell 3.2 percent to $101 billion.
  • No. 3 China’s trade fell 2.94 percent to $134 billion. Exports fell 5.24 percent to $37 billion. Imports fell 2.04 percent to $98 billion.
  • No. 4 Germany’s trade fell 3.34 percent to $58 billion. Exports fell 5.14 percent to $19 billion. Imports fell 2.44 percent to $39 billion.
  • No. 5 Japan’s trade rose 1.78 percent to $55 billion. Exports fell 1.75 percent to $19 billion. Imports rose 3.69 percent to $37 billion.

The nation’s top five trading partners through March accounted for 49.77 percent of its trade with the world.

The U.S. had trade surpluses with 132 countries and deficits with 101 through March. That compares with 125 surpluses and 108 deficits for the same period one year earlier. The top three surpluses through March of this year were with The Netherlands, $13.82 billion; Hong Kong, $6.86 billion; and United Arab Emirates, $5.27 billion; . The top three deficits were with China, $60.77 billion; Mexico, $39.69 billion; and Vietnam, $26.43 billion.

The nation’s top five exports by value through March were oil; civilian aircraft, parts; gasoline, other fuels; lng, other petroleum gases; and passenger vehicles in that order. Those accounted for 23.28 percent of its total outbound trade.

The value of the nation’s top five imports through March were passenger vehicles; oil; computers; plasma, vaccines, blood; and cell phones, related equipment. They accounted for 21.84 percent of all inbound shipments.

Looking more closely at U.S. exports:

  • No. 1 Oil rose 4.21 percent compared to last year, to $30.56 billion.
  • No. 2 Civilian aircraft, parts rose 16.23 percent compared to last year, to $28.46 billion.
  • No. 3 Gasoline, other fuels rose 2.08 percent compared to last year, to $28.29 billion.
  • No. 4 LNG, other petroleum gases fell 20.99 percent compared to last year, to $16.09 billion.
  • No. 5 Passenger vehicles rose 0.41 percent compared to last year, to $14.71 billion.

On the import side:

  • No. 1 Passenger vehicles rose 13.57 percent compared to last year, to $51.33 billion.
  • No. 2 Oil fell 1.42 percent compared to last year, to $38.63 billion.
  • No. 3 Computers rose 17.13 percent compared to last year, to $26.86 billion.
  • No. 4 Plasma, vaccines, blood rose 16.98 percent compared to last year, to $24.47 billion.
  • No. 5 Cell phones, related equipment fell 15.23 percent compared to last year, to $23.72 billion.