US Trade Deficit History

From 1960 to 1971, the US exported more than it imported and had Trade Surpluses and no Trade Deficits. The US had taken over manufacturing after World War II and dominated global manufacturing from 1945 to 1971.

In 1971, the US began to run Trade Deficits along with a few trade surpluses. Germany and Japan began manufacturing cars and production equipment and gained US market share. US companies were required to open manufacturing plants in foreign countries to make products for consumption in those countries. 

In 1983, the US trade deficit doubled from $24 billion to $58 billion and rose to $109 billion in 1984.

In 1998, the US Trade Deficit reached $259 billion. By 2000, the US trade deficit was $372.5 billion. In 2018, the US trade deficit was $622 billion.

1960 $3.508 billion

1961 $4.195 billion

1962 $3.370 billion

1963 $4.210 billion

1964 $6.022 billion

1965 $4.664 billion

1966 $2.939 billion

1967 $2.604 billion

1968 $250 million

1969 $91 million

1970 $2.254 billion

1971 -$1.302 billion

1972 -$5.443 billion

1973 $1.900 billion

1974 -$4.293 billion

1975 $12.404 billion

1976 -$6.082 billion

1977 -$24.246 billion

1978 -$29.763 billion

1979 -$24.565 billion

1980 -$19.407 billion

1981 -$16.172 billion

1982 -$24.156 billion

1983 -$57.767 billion

1984 -$109.072 billion

1985 -$121.880 billion

1986 -$138.538 billion

1987 -$151.684 billion

1988 -$114.566 billion

1989 -$93.141 billion

1990 -$80.864 billion

1991 -$31.135 billion

1992 -$39.212 billion

1993 -$40.311 billion

1994 -$98.493 billion

1995 -$96.384 billion

1996 -$104.065 billion

1997 -$108.273 billion

1998 -$168.140 billion

1999 -$258.617 billion

2000 -$372.517 billion

2001 -$361.511 billion

2002 -$418.955 billion

2003 -$493.890 billion

2004 -$609.883 billion

2005 -$714.245 billion

2006 -$761.716 billion

2007 -$705.375 billion

2008 –$708.726 billion

2009 -$383.774 billion

2010 -$495.225 billion

2011 -$549.699 billion

2012 -$537.408 billion

2013 -$451.135 billion

2014 -$489.584 billion

2015 -$498.525 billion

2016 -$502.001 billion

2017 -$552.277 billion

2018 -$622.106 billion

https://www.census.gov/foreign-trade/statistics/historical/gands.pdf

Comments

We will begin to see our trade deficit decline as companies adjust to our Tariffs.

Norb Leahy, Dunwoody GA Tea Party Leader