What We're Showing
This graphic shows the top 10 countries with the highest trade deficits, based on data from the World Bank.
Figures are for 2023, the most recently available data as of March 4, 2025.
Key Takeaways
- The U.S. has the largest trade deficit globally by far, driven by strong domestic demand for goods such as electronics, crude oil, apparel, and automobiles.
- Other factors that drive America's trade deficit include a strong U.S. dollar making foreign products cheaper and a growing economy supported by rising incomes that enable consumers to buy more foreign goods.
- Ranking in second is India, fueled by its rapidly growing economy. Today, its trade deficit is about four times higher than America, when measured as a share of its GDP.
- While Japan reported a trade surplus with America and certain countries in Europe, it was offset by trade deficits in countries such as Saudi Arabia and the UAE, among others.
