World Trade Facts

The U.S. trade deficit narrowed by 17.8% in 2023, reaching $773.4 billion, the lowest level since 2017. This marks the first decline in four years.

Exports of goods and services were $3.1 trillion in 2023, up $35.0 billion from 2022, the highest on record. This modest growth is despite a strong dollar and sluggish global economy, indicating resilience in American exports.

Imports were $3.8 trillion in 2023, down 4.9%, partly due to Americans buying fewer goods from China.

Exports of services in 2023 increased $74.2 billion to $1.0 trillion, the highest on record.

• Travel increased $38.3 billion.
• Financial services increased $7.4 billion.
• Transport increased $7.3 billion.
• Telecommunications, computer, and information services increased $7.1 billion.

Imports of services in 2023 increased $17.8 billion to $714.5 billion, the highest on record.

• Travel increased $34.5 billion.
• Transport decreased $14.7 billion.

The United States’ top exports by value in 2023, accounting for 23.47% of outbound trade:

1. Oil ($117 billion)
2. Civilian Aircraft Parts ($113 billion)
3. Gasoline and Other Fuels ($113 billion)
4. Liquified Natural Gas (LNG) and Other Petroleum Gases ($68 billion)
5. Passenger Vehicles ($63 billion)

The United States’ top imports by value in 2023, accounting for 22.28% of all inbound shipments:

1. Passenger Vehicles ($208 billion)
2. Oil ($165 billion)
3. Cell Phones and Related Equipment ($117 billion)
4. Computers ($103 billion)
5. Returned Exports, Without Charge ($93.5 billion)

The nation’s top trade partners in 2023, accounting for 48.9% of U.S. trade with the world:

1. Mexico
2. Canada
3. China
4. Germany
5. Japan

The previous year, the top five spots were held by Canada, Mexico, China, Japan and Germany, respectively.

Mexico surpassed China as the top source of imports for the U.S. in 2023, the first time in 20 years, a shift attributed to several factors, including trade tensions between the U.S. and China, shifting supply chains, and lower costs and stable trade relations with Mexico.

The U.S. trade deficit with China narrowed significantly in 2023, with imports from China dropping 20% to $427.2 billion. American consumers and businesses turned to Mexico, Europe, South Korea, India, Canada and Vietnam for auto parts, shoes, toys and raw materials.

Mexican exports to the United States were roughly the same as in 2022, at $475.6 billion. Foreign direct investment in Mexico surged 21% in 2023, highlighting its attractiveness as an alternative production location.

The U.S. had record exports to 41 countries in 2023, led by the Netherlands ($82.2 billion), Germany ($76.7 billion) and Belgium ($38.8 billion).

The U.S. had record imports from 41 countries in 2023, led by Mexico ($475.6 billion), Germany ($159.7 billion) and South Korea ($116.2 billion).

The global value of digitally delivered services rose by 9% last year, a similar trajectory to other year-over-year increases since 2005, far outpacing the growth of physical goods trade and other services exports. Digital trade refers to international trade digitally ordered and/or digitally delivered.

Top 10 U.S. exporters based on containerized cargo, measured in TEUs.

1. Koch Industries
2. International Paper
3. CellMark Group
4. Dow Chemical
5. DeLong
6. Louis Dreyfus Company
7. Cargill 
8. International Forest Products 
9. Winfibre 
10. America Chung Nam

Top 10 U.S. importers based on containerized cargo, measured in TEUs.

1. Walmart
2. Target
3. Home Depot
4. LG Group
5. Lowe’s
6. Dole Food
7. Ashley Furniture
8. Samsung America
9. Chiquita Brands International
10. IKEA International

The theme for World Trade Month 2023 was "Amid Global Tensions, Resilience and Growth."

This year we included more than 100 World Trade Month celebrations, seminars, webinars and other events sponsored by more than four dozen different government, public and private organizations.

More than 2,500 people attended one or more of these events to learn more about exporting and importing and celebrate the benefits of international trade to the U.S. and global economies.