The U.S. goods and services trade deficit decreased from $951.2 billion in 2022 to $773.4 billion in 2023, as exports increased and imports decreased. The goods deficit decreased $121.3 billion to $1,061.7 billion, and the services surplus increased $56.4 billion to $288.2 billion. The goods and services deficit was 2.8 percent of current-dollar gross domestic product in 2023, down from 3.7 percent in 2022.
Exports of goods and services increased $35.0 billion, or 1.2 percent, in 2023 to $3,053.5 billion. Exports of goods decreased $39.2 billion, and exports of services increased $74.2 billion.
- The decrease in exports of goods reflected decreases in industrial supplies and materials ($102.8 billion) and in foods, feeds, and beverages ($17.4 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 ($38.3 billion), in financial services ($7.4 billion), in transport ($7.3 billion), and in telecommunications, computer, and information services ($7.1 billion).
Imports of goods and services decreased $142.7 billion, or 3.6 percent, in 2023 to $3,826.9 billion. Imports of goods decreased $160.5 billion, and imports of services increased $17.8 billion.
- The decrease in imports of goods reflected decreases in industrial supplies and materials ($130.8 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 ($34.5 billion). A decrease in transport ($14.7 billion) partly offset the increase.
Real, or inflation-adjusted, statistics are also available for trade in goods (Census basis). The real goods deficit decreased 8.0 percent in 2023, compared to a 9.6 percent nominal decrease. Real exports of goods increased 1.9 percent, compared to a 2.2 percent nominal decrease. Real imports of goods decreased 2.1 percent, compared to a 4.9 percent nominal decrease.
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