The US trade gap increased to $48.9 billion in December of 2019 from an upwardly revised $43.7 billion deficit in the previous month and higher than market expectations of a $48.2 billion shortfall. Exports increased 0.8% to $209.6 billion, the highest value in 7 months, mainly due to sales of crude oil while those of passenger cars declined. Imports jumped 2.7% to $258.5 billion, the biggest increase since May of 2019, mainly due to purchases of crude oil and nonmonetary gold. Considering full 2019, the country's trade deficit fell 1.7% to $616.8 billion, the first decline since 2013. Goods imports shrank 1.7% and exports decreased 1.3%. The goods deficit with China fell 18% to $345.6 billion in 2019, but the trade gap widened 5% to $177.9 billion with the EU; 26.2% to $101.8 billion with Mexico and 42% to $27 billion with Canada.
Balance of Trade in the United States averaged -15136.66 USD Million from 1950 until 2019, reaching an all time high of 1946 USD Million in June of 1975 and a record low of -67823 USD Million in August of 2006. This page provides the latest reported value for - United States Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. source: Bureau of Economic Analysis (BEA)
Balance of Trade in the United States is expected to be -55000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in the United States to stand at -62000.00 in 12 months time. In the long-term, the United States Balance of Trade is projected to trend around -63000.00 USD Million in 2021 and -53000.00 USD Million in 2022, according to our econometric models.