Market Updates
U.S. International Trade Gap Drops to a 3-yer Low
Brian Turner
07 Feb, 2024
New York City
The U.S. international trade deficit in goods and services dropped to the lowest level in three years after energy import costs fell and exports edged higher on global demand for capital goods and vehicles.
Exports in 2023 rose 1.2% to $3.05 trillion, and imports decreased 3.6% to $3.8 trillion, the U.S. Bureau of Economic Analysis reported Wednesday.
The trade deficit in 2023 dropped to a three-year low of $773.4 billion, a decline of 19% from the previous year.
The 2023 decrease in the goods and services deficit reflected a decrease in the goods deficit of $121.3 billion, or 10.3%, to $1,061.7 billion and an increase in the services surplus of $56.4 billion, or 24.3%, to $288.2 billion.
The deficit with China decreased from $102.9 billion to $279.4 billion in 2023 as more Chinese companies relocated to Vietnam and Mexico.
However, the deficit with Mexico increased by $21.9 billion to $152.4 billion, and the deficit with Vietnam rose to $104.6 billion.
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