📈 U.S. Trade Balance 2024: $918B Deficit, with $293B Services Surplus and $1,212B Goods Deficit

U.S. Trade Deficit Widens to $918B in 2024: Record $1,212B Goods Deficit Offset by $293B Services Surplus

The U.S. trade deficit grew by 17.0% from $785 billion in 2023 to $918 billion in 2024, driven by a record $1,212 billion goods trade deficit (up 14.0% YoY). This was partially offset by a $293 billion services trade surplus, which grew 5.4% YoY. While the goods trade deficit reached an all-time high, the services surplus remained above pre-pandemic levels.