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According to the U.S. Census Bureau, in 2024, the U.S. total exports of goods amounted to $2,064.5 billion, while total imports reached $3,267.4 billion, resulting in a trade deficit of $1,202.9 billion.
As Dr. Wenlin Liu, Chief Economist with the State of Wyoming, Economic Analysis Division, notes, “International trade is vital for economic prosperity, enabling countries to grow, innovate, and improve the living standards of their population. However, persistent deficits can pose significant challenges such as economic dependency, negative impact on domestic industries due to competition, as well as debt accumulation and interest payments.”
Wyoming Economic Analysis Division
Wyoming Economic Analysis Division
Exports
In 2024, the U.S. exported $348.5 billion worth of goods to Canada, accounting for 16.9% of total exports, making it the largest export partner in the world. This was followed by Mexico at $334.0 billion (16.2%) and China at $143.5 billion (7.0%). Together, these three countries comprised 40.1% of total U.S. exports. When including the Netherlands, United Kingdom, Japan, Germany, South Korea, Brazil, and Singapore, the total share of exports from these ten countries reached 63.6% of all U.S. exports.
Imports
The U.S. imported $505.9 billion in goods from Mexico, or 15.5 percent of total imports, the largest in the world, followed by China ($438.9 billion, or 13.4%), and Canada ($412.7 billion, or 12.6%). These three countries together covered 41.5 percent of the U.S. total imports. After adding Germany, Japan, Vietnam, South Korea, Taiwan, Ireland, and India, these ten countries or regions made up 68.6 percent of all imports in 2024.
Trade Balance
The country with the largest goods deficit was China, at $295.4 billion, followed by Mexico ($171.8 billion), and Vietnam ($123.5 billion). On the other hand, the U.S. experienced larger surpluses with certain countries or regions including the Netherlands ($55.5 billion), Hong Kong ($21.9 billion), United Arab Emirates ($19.5 billion), and Australia ($17.9 billion).
Please note that the discussion above is related to trade in goods. It does not include services such as financial services, business services, intellectual property, and travel. The U.S. experienced a surplus of $293.4 billion in services trade in 2024, based on the estimate from the U.S. Bureau of Economic Analysis (BEA).
Wyoming Trade
Wyoming’s total exports amounted to $2,067.8 million in 2024, where Canada was the top destination with $401.2 million or 19.4 percent. The state’s total imports reached $1,315.1 million, and Canada was the largest origin with $717.4 million or 54.5 percent. Soda Ash, a manufactured product derived from trona mineral, was the largest exporting commodity, valued at $1,337.3 million, accounting for 64.7 percent of Wyoming’s total exports.
See the full report here.
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