US Trade Balance Infographic, Goods Deficit and Services

Key figures from the chart

In the 12 months to November 2024 the US ran a total trade deficit of $879 billion.
That total is a $1,171 billion deficit on goods, partly offset by a $292 billion surplus on services (292 minus 1,171 is minus 879).
The chart runs from 1995, when the goods deficit was far smaller, and, by eye, shows the gap widening most sharply in the mid 2000s and again after 2020.
All figures are from the graphic, which cites the US Census Bureau.

The US trade balance chart in text

The graphic is titled “U.S. Trade Balance Nov. 2024 (TTM)”, with the subtitle “$879B Total Deficit, with $292B Services Surplus and $1,171B Goods Deficit”. TTM means trailing twelve months. The chart heading reads “U.S. Trade Balance (Billion US$, 12-Month Rolling Sum)”. The vertical axis runs from 400 down to minus 1,400 billion dollars and the horizontal axis from 1995 to 2024-11.

Services are drawn as an area above zero and goods as an area below it, with total trade as a line between them. Only the end values are labelled:

Series	Colour on the chart	12 months to November 2024 (billion US$)
Services	Dark navy area above zero	292
Goods	Steel blue area below zero	-1,171
Total trade	Gold line	-879

Four events are pinned on the timeline:

Year	Label on the chart
1994	NAFTA Establishment
1995	WTO Establishment
2008	Global Financial Crisis
2020	COVID-19 Pandemic

Read from the chart’s shape: the services surplus grows slowly over the period, while the goods deficit deepens through the early 2000s, narrows sharply around the 2008 financial crisis, widens again through the 2010s and reaches its deepest point in the early 2020s before easing slightly. The total line follows the goods deficit. These are visual readings; the chart prints no values between 1995 and November 2024.

The footer reads “Source: U.S. Census”, with www.econovis.net, @econovisuals on X and the Econovis EV logo.

The US trade balance in 2024

Econovis’s note with the chart says the $879 billion deficit for the 12 months to November 2024 was 11.1% larger than the $791 billion for the 12 months to November 2023 [1].

The official full-year figures came out later. The Bureau of Economic Analysis and the Census Bureau reported a 2024 goods and services deficit of $918.4 billion, up $133.5 billion or 17.0% on 2023 [2]. The goods deficit rose 14.0% to $1,211.7 billion and the services surplus rose 5.4% to $293.3 billion [2]. Exports grew 3.9% and imports 6.6% [2]. The calendar year totals differ from the chart because they cover January to December rather than the 12 months to November.

Which countries the US has the largest deficits with

The chart has no country breakdown. The BEA’s 2024 release lists the largest goods deficits as China ($295.4 billion), the European Union ($235.6 billion), Mexico ($171.8 billion) and Vietnam ($123.5 billion) [2]. The largest surpluses were with the Netherlands ($55.5 billion), South and Central America ($47.3 billion) and Hong Kong ($21.9 billion) [2].

Notes on this infographic

Data date. The chart ends with the 12 months to November 2024. Wikipedia, citing official data, gives a 2025 goods and services deficit of $901.5 billion, with a goods deficit of $1,240.9 billion and a services surplus of $339.5 billion [3].
Basis. The chart cites the Census Bureau; the BEA headline figures are on a balance of payments basis, so small differences from the chart are expected.
Event pins. The 1994 NAFTA and 1995 WTO pins sit at the left edge, at the start of the series.

Questions about the US trade balance

What was the US trade deficit in 2024?

$918.4 billion for goods and services combined, according to the BEA, made up of a $1,211.7 billion goods deficit and a $293.3 billion services surplus [2]. This chart shows $879 billion for the 12 months to November 2024.