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Latest trade data
The overall US trade deficit, covering both goods and services, was $78.3bn in July, up from $59.1bn in June. The decrease in the deficit was driven by a fall in imports, according to the Bureau of Economic Analysis.
US import volumes have swung wildly as consumers and businesses rushed to buy foreign goods before Trump’s April 2 “liberation day” tariffs announcement.
Imports surged to a record high in March, before falling sharply in the second quarter of the year.
Imports of pharmaceuticals soared about 160 per cent in March from the same month the previous year, as companies rushed to build stockpiles after Donald Trump threatened to hit the sector with tariffs.
Overview of US trade in goods
The US is the world’s largest single importer, playing a crucial role in the global flow of goods. But trade volumes and partners vary considerably by sector.
Mexico has been the largest foreign supplier of goods to the US annually since 2023, following a decline in imports from China after tariffs were introduced during Trump’s first term as president.
Canada, China and Mexico are the three largest suppliers to the US, accounting for more than 40 per cent of imported goods.
Overall, the US runs an annual global trade in goods deficit in excess of $1tn, but the picture varies considerably on a per-country level.
Mexico and Canada are far more reliant on exporting to the US than other G20 countries.
Overview of trade in services
According to the OECD, the top three suppliers of services to the US in 2023 were the UK (13.4 per cent of total US service imports), Canada (6.8 per cent) and Germany (6.4 per cent).
The top export markets for US services in the same period were Ireland (12.3 per cent of US services exports), Canada (7.6 per cent) and the UK (7.3 per cent).
Explore individual trade in services country data (imports, exports and overall balance) using the interactive chart below:
Reporting by Alan Smith, William Crofton, Jonathan Vincent, Oliver Hawkins, Martin Stabe, Sam Learner and Eva Xiao. Additional development by Caroline Nevitt, Eade Hemingway and Gaku Ito
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