Data is through January 2024.

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Trade Snapshot

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U.S. trade decreases 1.30 percent through January

U.S. trade with the world totaled $414.38 billion through the first month of 2024, according to a WorldCity analysis of the latest U.S. Census Bureau data.

That’s a 1.30 percent decrease since the same month a year ago. The nation’s exports dropped 2.96 percent to $160.58 billion and imports dropped 0.22 percent to $253.8 billion. The overall trade deficit was $93.21 billion up compared to the same period last year, when the deficit was $88.86 billion.

Through January, 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 month a 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 0.92 percent to $65 billion. Exports fell 1.73 percent to $26 billion. Imports rose 2.85 percent to $38 billion.
  • No. 2 Canada’s trade fell 3.55 percent to $60 billion. Exports fell 3.81 percent to $26 billion. Imports fell 3.34 percent to $33 billion.
  • No. 3 China’s trade fell 6.78 percent to $48 billion. Exports fell 7.79 percent to $12 billion. Imports fell 6.43 percent to $36 billion.
  • No. 4 Germany’s trade fell 6.01 percent to $19 billion. Exports fell 2.03 percent to $6 billion. Imports fell 7.93 percent to $12 billion.
  • No. 5 Japan’s trade rose 7.63 percent to $18 billion. Exports fell 4.74 percent to $6 billion. Imports rose 14.46 percent to $13 billion.

The nation’s top five trading partners through January accounted for 49.5 percent of its trade with the world.

The U.S. had trade surpluses with 122 countries and deficits with 110 through January. That compares with 126 surpluses and 106 deficits for the same period one year earlier. The top three surpluses through January of this year were with The Netherlands, $4.07 billion; Hong Kong, $1.97 billion; and United Kingdom, $1.46 billion; . The top three deficits were with China, $23.72 billion; Mexico, $11.56 billion; and Vietnam, $8.73 billion.

The nation’s top five exports by value through January were gasoline, other fuels; oil; civilian aircraft, parts; lng, other petroleum gases; and passenger vehicles in that order. Those accounted for 23.22 percent of its total outbound trade.

The value of the nation’s top five imports through January were passenger vehicles; oil; computers; cell phones, related equipment; and plasma, vaccines, blood. They accounted for 22.07 percent of all inbound shipments.

Looking more closely at U.S. exports:

  • No. 1 Gasoline, other fuels rose 0.75 percent compared to last year, to $9.51 billion.
  • No. 2 Oil rose 8.25 percent compared to last year, to $9.3 billion.
  • No. 3 Civilian aircraft, parts rose 15.81 percent compared to last year, to $8.6 billion.
  • No. 4 LNG, other petroleum gases fell 28.66 percent compared to last year, to $5.62 billion.
  • No. 5 Passenger vehicles fell 2.66 percent compared to last year, to $4.26 billion.

On the import side:

  • No. 1 Passenger vehicles rose 17.03 percent compared to last year, to $17.09 billion.
  • No. 2 Oil fell 0.78 percent compared to last year, to $13.69 billion.
  • No. 3 Computers rose 15.83 percent compared to last year, to $8.74 billion.
  • No. 4 Cell phones, related equipment fell 23.6 percent compared to last year, to $8.54 billion.
  • No. 5 Plasma, vaccines, blood rose 21.14 percent compared to last year, to $7.96 billion.