The U.S. goods and services trade deficit decreased from $951.2 billion in 2022 to $779.8 billion in 2023 (revised), as exports increased and imports decreased. The goods deficit decreased $123.4 billion to $1,059.6 billion, and the services surplus increased $48.0 billion to $279.8 billion. The goods and services deficit was 2.9 percent of current-dollar gross domestic product in 2023, down from 3.7 percent in 2022.
Exports of goods and services increased $33.4 billion, or 1.1 percent, in 2023 to $3,051.8 billion. Exports of goods decreased $37.2 billion, and exports of services increased $70.6 billion.
- The decrease in exports of goods reflected decreases in industrial supplies and materials ($102.7 billion) and in foods, feeds, and beverages ($17.5 billion). Increases in capital goods ($28.5 billion), in automotive vehicles, parts, and engines ($19.3 billion), and in consumer goods ($14.7 billion) partly offset the decreases.
- The increase in exports of services reflected increases in travel ($39.0 billion), in transport ($7.5 billion), in financial services ($7.1 billion), in other business services ($6.0 billion), and in telecommunications, computer, and information services ($5.9 billion).
Imports of goods and services decreased $138.0 billion, or 3.5 percent, in 2023 to $3,831.6 billion. Imports of goods decreased $160.6 billion, and imports of services increased $22.6 billion.
- The decrease in imports of goods reflected decreases in industrial supplies and materials ($130.9 billion) and in consumer goods ($80.7 billion). An increase in automotive vehicles, parts, and engines ($59.5 billion) partly offset the decreases.
- The increase in imports of services reflected an increase in travel ($34.7 billion). A decrease in transport ($14.4 billion) partly offset the increase.
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