2014 Trade Gap is $505.0 Billion

The U.S. international trade deficit increased in 2014, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $476.4 billion in 2013 to $505.0 billion in 2014, as imports increased more than exports. As a percentage of U.S. gross domestic product, the goods and services deficit was 2.9 percent in 2014, up from 2.8 percent in 2013. The goods deficit increased from $701.7 billion in 2013 to $736.8 billion in 2014, and the services surplus increased from $225.3 billion in 2013 to $231.8 billion in 2014.

 

Balance on Goods and Services Trade feb5

 

Exports
Exports of goods and services increases $65.2 billion, or 2.9 percent, in 2014 to $2,345.4 billion. Exports of goods increased $42.3 billion and exports of services increased $22.9 billion.

  • The largest increases in exports of goods were in capital goods ($15.8 billion), in consumer goods ($10.1 billion), and in foods, feeds, and beverages ($8.1 billion).
  • The largest increases in exports of services were in travel (for all purposes including education) ($5.9 billion), in charges for the use of intellectual property ($5.7 billion), and in financial services ($5.4 billion). 

Imports
Imports of goods and services increased $93.9 billion, or 3.4 percent, in 2014 to $2,850.5 billion. Imports of goods increased $77.5 billion and imports of services increased $16.4 billion.

  • The largest increases in imports of goods were in capital goods ($36.8 billion), in consumer goods ($25.2 billion), and in automotive vehicles, parts, and engines ($19.0 billion).
  • The largest increase in imports of services were in travel (for all purposes including education) ($6.7 billion), in other business services ($5.6 billion), and in transport ($3.7 billion), which includes freight and port services and passenger fares.

Goods by geographic area (Census basis)

  • The goods deficit with China increased from $318.7 billion in 2013 to $342.6 billion in 2014. Exports increased $2.3 billion to $124.0 billion, while imports increased $26.2 billion to $466.7 billion.
  • The goods deficit with the European Union increased from $125.4 billion in 2013 to $141.1 billion in 2014. Exports increased $14.5 billion to $276.7 billion, while imports increased $30.2 billion to $417.8 billion.
  • The goods deficit with OPEC decreased from $68.0 billion in 2013 to $49.4 billion in 2014. Exports decreased $2.0 billion to $82.7 billion, while imports decreased $20.6 billion to $132.1 billion.

Read the full report.


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