2015 Trade Gap figures

Today saw the release of the latest trade gap figures for the year 2015, below is the accompanying statement from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau

The U.S. international trade deficit increased in 2015 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $508.3 billion in 2014 to $531.5 billion in 2015, as exports decreased more than imports. As a percentage of U.S. gross domestic product, the goods and services deficit was 3.0 percent in 2015, up from 2.9 percent in 2014. The goods deficit increased from $741.5 billion in 2014 to $758.9 billion in 2015, and the services surplus decreased from $233.1 billion in 2014 to $227.4 billion in 2015.

annual highlights

Exports
Exports of goods and services decreased $112.9 billion, or 4.8 percent, in 2015 to $2,230.3 billion. Exports of goods decreased $118.8 billion and exports of services increased $5.9 billion. 

  • The largest decreases in exports of goods were in industrial supplies and materials ($76.9 billion), in foods, feeds, and beverages ($16.0 billion), and in capital goods ($12.7 billion). 
  • The largest increases in exports of services were in other business services ($9.3 billion), which includes research and development services; professional and management services; and technical, trade-related, and other services, in telecommunications, computer, and information services ($2.0 billion), and in financial services ($1.7 billion).

Imports
Imports of goods and services decreased $89.7 billion, or 3.1 percent, in 2015 to $2,761.8 billion. Imports of goods decreased $101.3 billion and imports of services increased $11.6 billion. 

  • The largest decrease in imports of goods was in industrial supplies and materials ($180.8 billion). 
  • The largest increases in imports of services were in travel (for all purposes including education) ($9.7 billion), in other business services ($5.2 billion), and in transport ($3.1 billion), which includes freight and port services and passenger fares.

Goods by geographic area (Census basis) 

  • The deficit with China increased from $343.1 billion in 2014 to $365.7 billion in 2015. Exports decreased $7.5 billion to $116.2 billion and imports increased $15.1 billion to $481.9 billion. 
  • The deficit with the European Union increased from $142.1 billion in 2014 to $153.3 billion in 2015. Exports decreased $3.5 billion to $272.7 billion and imports increased $7.8 billion to $426.0 billion. 
  • The balance with members of OPEC shifted from a deficit of $50.0 billion in 2014 to a surplus of $6.6 billion in 2015. Exports decreased $9.6 billion to $72.8 billion and imports decreased $66.2 billion to $66.2 billion.

For more information, read the full report.

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