Data is through February 2024.

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Trade Snapshot

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U.S. trade increases 1.84 percent through February

U.S. trade with the world totaled $824.43 billion through the first two months of 2024, according to a WorldCity analysis of the latest U.S. Census Bureau data.

That’s a 1.84 percent increase over the same time period last year ago. The nation’s exports climbed 1.1 percent to $328 billion and imports climbed 2.33 percent to $496.43 billion. The overall trade deficit was $168.42 billion up compared to the same period last year, when the deficit was $160.71 billion.

Through February, 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 5.61 percent to $132 billion. Exports rose 2.64 percent to $53 billion. Imports rose 7.73 percent to $78 billion.
  • No. 2 Canada’s trade rose 0.33 percent to $122 billion. Exports rose 0.75 percent to $55 billion. Imports fell 0 percent to $67 billion.
  • No. 3 China’s trade fell 1.94 percent to $92 billion. Exports fell 2.54 percent to $24 billion. Imports fell 1.72 percent to $68 billion.
  • No. 4 Germany’s trade fell 3.25 percent to $37 billion. Exports fell 1.03 percent to $12 billion. Imports fell 4.32 percent to $25 billion.
  • No. 5 Japan’s trade rose 3.97 percent to $36 billion. Exports fell 4.76 percent to $12 billion. Imports rose 8.86 percent to $24 billion.

The nation’s top five trading partners through February accounted for 49.27 percent of its trade with the world.

The U.S. had trade surpluses with 131 countries and deficits with 102 through February. That compares with 129 surpluses and 104 deficits for the same period one year earlier. The top three surpluses through February of this year were with The Netherlands, $8.39 billion; Hong Kong, $4.83 billion; and United Arab Emirates, $3.71 billion; . The top three deficits were with China, $43.6 billion; Mexico, $25.02 billion; and Vietnam, $17.45 billion.

The nation’s top five exports by value through February were oil; gasoline, other fuels; civilian aircraft, parts; lng, other petroleum gases; and passenger vehicles in that order. Those accounted for 23.23 percent of its total outbound trade.

The value of the nation’s top five imports through February were passenger vehicles; oil; computers; cell phones, related equipment; and plasma, vaccines, blood. They accounted for 21.87 percent of all inbound shipments.

Looking more closely at U.S. exports:

  • No. 1 Oil rose 11.51 percent compared to last year, to $19.69 billion.
  • No. 2 Gasoline, other fuels rose 4.6 percent compared to last year, to $18.33 billion.
  • No. 3 Civilian aircraft, parts rose 24.12 percent compared to last year, to $18.13 billion.
  • No. 4 LNG, other petroleum gases fell 19.92 percent compared to last year, to $11.19 billion.
  • No. 5 Passenger vehicles fell 1.47 percent compared to last year, to $8.86 billion.

On the import side:

  • No. 1 Passenger vehicles rose 19.57 percent compared to last year, to $33.96 billion.
  • No. 2 Oil rose 0.07 percent compared to last year, to $25.76 billion.
  • No. 3 Computers rose 18.48 percent compared to last year, to $17.22 billion.
  • No. 4 Cell phones, related equipment fell 15.67 percent compared to last year, to $16.21 billion.
  • No. 5 Plasma, vaccines, blood rose 17.31 percent compared to last year, to $15.41 billion.