United States - Balance of payments



Since 1950, the United States has generally recorded deficits in its overall payments with the rest of the world, despite the fact that it had an unbroken record of annual surpluses up to 1970 on current-account goods, services, and remittances transactions. The balance of trade, in the red since 1975, reached a record deficit of $249 billion in 1998. The nation's stock of gold declined from a value of $22.9 billion at the start of 1958 to $10.5 billion as of 31 July 1971, only two weeks before President Nixon announced that the United States would no longer exchange dollars for gold. From 1990–98, the value of the gold stock was stable at $11 billion. On 12 February 1973,

Exports, Imports and Trade Balance by Country and Area: 2002 Annual Totals

In millions of dollars. Details may not equal totals due to rounding. (X) Not applicable. (-) Represents zero or less than one-half of value shown. January–December, Cumulative

United States

COUNTRY TRADE BALANCE RANK EXPORTS F . A . S . RANK IMPORTS CUSTOMS RANK
Total, BOP Basis -482,871.8 (X) 681,874.0 (X) 1,164,745.8 (X)
Net Adjustments -14,609.0 (X) -11,229.2 (X) 3,379.8 (X)
Total, Census Basis -468,262.8 (X) 693,103.2 (X) 1,161,366.0 (X)
Afghanistan 76.7 195 80.0 114 3.3 178
Albania 9.0 151 14.8 176 5.8 167
Algeria -1,375.8 41 984.4 55 2,360.2 49
Andorra 10.2 154 11.0 183 0.8 201
Angola -2,748.6 26 374.0 74 3,122.7 44
Anguilla 18.9 163 19.9 167 1.0 197
Antigua and Barbuda 77.8 196 81.4 113 3.5 177
Argentina -1,601.9 35 1,585.4 44 3,187.3 42
Armenia 81.2 198 111.8 103 30.7 137
Aruba -309.2 61 464.6 68 773.7 66
Australia 6,606.2 229 13,085.0 13 6,478.8 28
Austria -1,387.5 40 2,427.4 38 3,814.9 35
Azerbaijan 35.3 183 69.6 121 34.4 136
Bahamas 525.6 220 975.3 56 449.7 72
Bahrain 24.4 169 419.3 71 394.9 76
Bangladesh -1,865.1 30 269.1 81 2,134.2 53
Barbados 233.2 212 267.6 82 34.4 135
Belarus -106.4 80 19.1 168 125.5 113
Belgium 3,519.0 228 13,325.8 12 9,806.8 22
Belize 60.0 190 137.7 98 77.7 121
Benin 34.5 180 35.2 143 0.7 203
Bermuda 392.2 219 415.1 72 22.9 143
Bhutan 0.1 119 1.0 212 0.8 200
Bolivia 31.7 178 192.1 93 160.4 107
Bosnia-Hercegovina 16.1 161 31.7 147 15.5 148
Botswana 2.4 138 31.7 146 29.3 138
Brazil -3,404.6 25 12,376.0 15 15,780.6 13
British Indian Ocean Territory 0.1 118 0.4 218 0.4 210
British Virgin Islands 26.9 173 67.4 122 40.5 133
Brunei -240.8 65 46.3 136 287.1 91
Bulgaria -238.3 66 101.4 106 339.7 82
Burkina 15.9 160 18.8 169 2.9 180
Myanmar (Burma) -346.2 58 10.1 186 356.4 81
Burundi 1.0 131 1.7 208 0.7 202
Cambodia -1,041.7 44 29.2 152 1,071.0 64
Cameroon -16.3 97 155.8 95 172.1 103
Canada -48,164.9 3 160,922.6 1 209,087.6 1
Cape Verde 7.8 148 9.6 187 1.8 189
Cayman Islands 222.8 211 231.6 86 8.8 159
Central African Republic 4.4 142 6.4 191 2.0 187
Chad 121.6 206 127.3 101 5.7 168
Chile -1,175.5 42 2,609.0 34 3,784.5 36
China -103,064.7 1 22,127.8 7 125,192.5 3
Christmas Island 0.6 125 1.2 210 0.6 206
Cocos (Keeling) Island 0.7 128 1.0 211 0.2 216
Colombia -2,021.9 27 3,582.5 29 5,604.3 32
Comoros -5.2 106 0.1 225 5.3 169
Congo (ROC) -129.7 76 52.4 132 182.1 102
Congo (DROC) -175.9 70 28.1 155 204.1 98
Cook Islands -0.3 111 0.8 215 1.1 196
Costa Rica -25.3 93 3,116.5 31 3,141.8 43
Croatia -67.5 87 78.1 117 145.6 111
Cuba 145.3 207 145.6 96 0.3 214
Cyprus 167.7 208 193.4 91 25.6 141
Czech Republic -579.7 49 653.7 62 1,233.4 61
Denmark -1,741.4 32 1,495.9 47 3,237.3 41
Djibouti 56.7 189 58.6 128 1.9 188
Dominica 40.3 186 45.0 137 4.7 172
Dominican Republic 81.2 199 4,250.1 26 4,168.9 33
East Timor 0.1 120 0.1 224 (-) 221

United States

COUNTRY TRADE BALANCE RANK EXPORTS F . A . S . RANK IMPORTS CUSTOMS RANK
Ecuador -537.8 50 1,605.7 43 2,143.4 52
Egypt 1,512.5 225 2,868.4 33 1,356.0 60
El Salvador -318.2 60 1,664.1 42 1,982.3 54
Equatorial Guinea -393.2 56 108.7 104 501.9 70
Eritrea 28.4 176 28.8 153 0.4 211
Estonia -82.1 85 81.5 112 163.6 104
Ethiopia 34.9 182 60.5 127 25.7 140
Falkland Islands -5.6 105 0.4 219 6.0 166
Faroe Islands -10.8 99 4.7 196 15.5 150
Federal Republic of Germany -35,876.1 5 26,629.6 5 62,505.7 5
Fedrated States of Micronesia 12.0 156 27.2 158 15.2 152
Fiji -139.4 74 16.9 174 156.3 109
Finland -1,912.1 29 1,534.9 46 3,447.0 39
France -9,223.9 13 19,016.2 8 28,240.1 9
French Guiana 242.3 213 249.7 84 7.5 162
French Polynesia 34.8 181 78.9 116 44.1 131
French Southern and Antarctic Lands 0.7 127 0.7 216 (-) 224 n.a.
Gabon -1,521.9 37 65.5 124 1,587.5 59
Gambia 9.2 152 9.6 188 0.3 213
Gaza Strip Administered by Israel -6.9 104 (-) 228 6.9 163
Georgia 81.4 200 98.8 108 17.5 146
Ghana 76.2 194 192.6 92 116.3 114
Gibraltar 24.6 170 25.7 159 1.1 194
Greece 605.6 221 1,151.8 51 546.2 69
Greenland -18.6 94 4.0 199 22.6 144
Grenada 49.5 188 56.4 130 6.9 164
Guadeloupe 29.2 177 39.7 140 10.5 154
Guatemala -751.9 47 2,044.4 40 2,796.4 45
Guinea -8.7 100 62.9 125 71.6 124
Guinea-Bissau 2.5 139 2.6 203 (-) 220
Guyana 12.6 157 128.2 100 115.6 115
Haiti 318.2 216 573.2 65 255.0 94
Heard and McDonald Islands 0.1 117 0.1 226 (-) 227
Honduras -690.3 48 2,571.1 35 3,261.3 40
Hong Kong 3,266.1 227 12,594.4 14 9,328.2 25
Hungary -1,949.6 28 687.9 60 2,637.4 46
Iceland -77.9 86 219.0 87 296.9 90
India -7,717.3 15 4,101.1 27 11,818.3 19
Indonesia -7,087.5 17 2,555.8 36 9,643.3 23
Iran -124.5 77 31.8 145 156.3 108
Iraq -3,516.6 24 31.6 148 3,548.2 37
Ireland -15,692.6 6 6,745.1 21 22,437.7 12
Israel -5,389.0 19 7,026.7 20 12,415.7 18
Italy -14,163.5 7 10,056.8 17 24,220.3 10
Ivory Coast -300.2 62 76.2 119 376.4 78
Jamaica 1,023.9 222 1,420.2 48 396.3 75
Japan -69,979.4 2 51,449.3 3 121,428.7 4
Jordan -7.9 103 404.4 73 412.3 73
Kazakhstan 270.0 215 604.6 63 334.6 83
Kenya 82.6 201 271.2 80 188.6 101
Kiribati 2.7 140 3.8 200 1.1 195
Korea (ROC) -12,996.1 10 22,575.8 6 35,571.8 7
Kuwait -925.7 45 1,014.7 54 1,940.4 55
Kyrgyzstan 26.3 172 31.1 149 4.8 171
Laos 1.6 135 4.2 197 2.6 185
Latvia -106.2 81 90.8 111 197.0 99
Lebanon 255.8 214 317.4 77 61.7 126
Lesotho -319.7 59 2.0 206 321.7 84
Liberia -18.1 95 27.7 156 45.8 130
Libya 18.3 162 18.3 172 (-) (X)
Liechtenstein -223.2 67 14.5 177 237.7 96
Lithuania -196.8 69 102.8 105 299.6 89
Luxembourg 180.2 210 480.1 67 300.0 88

United States

COUNTRY TRADE BALANCE RANK EXPORTS F . A . S . RANK IMPORTS CUSTOMS RANK
Macao -1,152.6 43 79.0 115 1,231.7 62
Macedonia (Skopje) -54.5 89 18.6 170 73.2 123
Madagascar -200.4 68 15.4 175 215.8 97
Malawi -40.7 92 30.1 151 70.8 125
Malaysia -13,665.3 9 10,343.7 16 24,008.9 11
Maldives -109.5 78 4.1 198 113.6 117
Mali 8.6 149 11.2 181 2.6 184
Malta -99.8 83 210.1 88 309.9 85
Marshall Islands 19.3 164 28.7 154 9.4 157
Martinique 23.1 167 23.7 163 0.7 204
Mauritania 21.9 166 22.9 165 0.9 198
Mauritius -253.2 63 27.5 157 280.6 92
Mayott (-) 114 (-) 229 (-) 226
Mexico -37,145.5 4 97,470.3 2 134,615.8 2
Moldova -8.5 101 30.7 150 39.1 134
Monaco -3.7 107 11.4 180 15.1 153
Mongolia -95.4 84 66.3 123 161.7 105
Montserrat 4.7 144 5.1 195 0.4 208
Morocco 173.0 209 565.4 66 392.4 77
Mozambique 86.1 202 94.6 109 8.5 160
Namibia 0.3 124 57.8 129 57.4 128
Nauru 2.4 137 2.9 202 0.5 207
Nepal -132.4 75 20.0 166 152.4 110
Netherlands 8,462.2 230 18,310.7 10 9,848.5 21
Netherlands Antilles 379.7 217 741.4 58 361.7 80
New Caledonia 27.0 174 36.6 141 9.6 155
New Zealand -468.5 51 1,813.1 41 2,281.6 51
Nicaragua -242.6 64 437.0 69 679.6 68
Niger 40.0 185 40.9 138 0.9 199
Nigeria -4,887.6 20 1,057.8 52 5,945.4 29
Niue 0.3 123 0.3 220 (-) 223
Norfolk Island 0.1 121 0.2 223 0.1 218
North Korea 24.9 171 25.0 161 0.1 219
Norway -4,436.2 22 1,406.5 50 5,842.6 30
Oman -44.6 91 356.0 76 400.6 74
Pakistan -1,611.6 34 693.4 59 2,305.0 50
Palau 3.0 141 18.5 171 15.5 149
Panama 1,104.1 223 1,406.7 49 302.6 87
Papua New Guinea -66.9 88 23.2 164 90.2 120
Paraguay 389.2 218 432.9 70 43.7 132
Peru -376.9 57 1,562.5 45 1,939.3 56
Philippines -3,703.9 23 7,276.0 19 10,979.9 20
Pitcairn Island 6.0 146 6.1 193 0.1 217
Poland -422.2 54 686.3 61 1,108.5 63
Portugal -811.3 46 861.3 57 1,672.6 58
Qatar -170.7 72 313.9 78 484.7 71
Republic of Yemen 119.8 205 366.1 75 246.3 95
Reunion -0.2 112 2.3 204 2.6 186
Romania -446.9 52 248.2 85 695.1 67
Russia -4,473.2 21 2,397.0 39 6,870.2 27
Rwanda 7.1 147 10.2 185 3.1 179
San Marino 4.6 143 5.8 194 1.2 192
Sao Tome and Principe 1.6 134 2.0 207 0.4 209
Saudi Arabia -8,369.1 14 4,780.7 24 13,149.9 17
Senegal 71.1 193 74.6 120 3.6 176
Seychelles -18.1 96 8.2 189 26.3 139
Sierra Leone 21.7 165 25.5 160 3.8 174
Singapore 1,415.7 224 16,217.9 11 14,802.2 15
Slovakia -167.6 73 92.7 110 260.3 93
Slovenia -175.7 71 130.9 99 306.5 86
Solomon Islands 0.9 130 1.5 209 0.6 205
Somalia 5.8 145 6.2 192 0.3 212
South Africa -1,508.6 38 2,525.5 37 4,034.1 34

United States

COUNTRY TRADE BALANCE RANK EXPORTS F . A . S . RANK IMPORTS CUSTOMS RANK
Spain -435.2 53 5,297.9 22 5,733.0 31
Sri Lanka -1,638.5 33 171.9 94 1,810.4 57
St Helena -2.0 109 2.1 205 4.1 173
St Kitts and Nevis 0.8 129 49.5 133 48.6 129
St Lucia 80.3 197 99.5 107 19.2 145
St Pierre and Miquelon -2.8 108 0.8 214 3.7 175
St Vincent and the Grenadines 24.0 168 40.4 139 16.5 147
Sudan 9.5 153 10.8 184 1.4 191
Suriname -8.0 102 124.8 102 132.7 112
Svalbard, Jan Mayen Island 0.6 126 0.6 217 (-) 225
Swaziland -103.0 82 11.5 179 114.5 116
Sweden -6,063.3 18 3,153.0 30 9,216.3 26
Switzerland -1,599.4 36 7,782.5 18 9,382.0 24
Syria 113.2 204 274.1 79 160.8 106
Taiwan -13,766.1 8 18,381.8 9 32,147.9 8
Tajikistan 32.0 179 33.1 144 1.1 193
Tanzania 37.9 184 62.7 126 24.8 142
Thailand -9,932.7 12 4,860.2 23 14,792.9 16
Togo 11.1 155 13.8 178 2.7 183
Tokelau 15.3 158 18.0 173 2.7 182
Tonga 1.9 136 11.0 182 9.1 158
Trinidad and Tobago -1,420.1 39 1,020.2 53 2,440.3 47
Tunisia 101.6 203 194.8 90 93.2 119
Turkey -403.0 55 3,113.0 32 3,516.0 38
Turkmenistan -12.5 98 47.1 135 59.6 127
Turks and Caicos Islands 48.5 187 53.6 131 5.1 170
Tuvalu 0.1 116 0.1 227 (-) 228
Uganda 8.7 150 24.0 162 15.3 151
Ukraine -107.6 79 254.8 83 362.4 79
United Arab Emirates 2,670.3 226 3,593.2 28 922.9 65
United Kingdom -7,540.2 16 33,204.7 4 40,744.9 6
Uruguay 15.4 159 208.6 89 193.2 100
Uzbekistan 61.4 191 138.5 97 77.1 122
Vanuatu -1.9 110 0.9 213 2.8 181
Vatican City 1.2 132 2.9 201 1.7 190
Venezuela -10,663.8 11 4,429.7 25 15,093.5 14
Vietnam -1,814.5 31 580.2 64 2,394.7 48
Wallis and Futuna 0.2 122 0.2 222 (-) 229
West Bank Administered by Israel (-) 115 0.3 221 0.3 215
Western Sahara (-) 113 (-) 230 (-) 222
Western Samoa 1.3 133 7.6 190 6.4 165
Yugoslavia 68.5 192 78.1 118 9.6 156
Zambia 27.9 175 35.7 142 7.9 161
Zimbabwe -53.4 90 49.3 134 102.8 118
Unidentified 187.1 (X) 187.1 (X) (-) (X)
North America -85,310.5 (X) 258,392.9 (X) 343,703.4 (X)
Western Europe -88,938.2 (X) 157,029.8 (X) 245,968.0 (X)
Euro Area -66,735.3 (X) 105,837.6 (X) 172,572.9 (X)
European Union (EU) -82,080.2 (X) 143,691.3 (X) 225,771.4 (X)
European Free Trade Association -6,336.7 (X) 9,422.5 (X) 15,759.2 (X)
Eastern Europe -8,300.9 (X) 6,596.6 (X) 14,897.5 (X)
Former Soviet Republics -4,505.8 (X) 4,111.5 (X) 8,617.3 (X)
Organization for Economic -88,818.3 (X) 156,244.7 (X) 245,063.0 (X)
Cooperation & Development
(OECD) in Europe
Pacific Rim Countries -214,903.6 (X) 178,569.1 (X) 393,472.7 (X)
Asia–Near East -15,364.6 (X) 18,930.0 (X) 34,294.6 (X)
Asia–(NICS) -22,080.2 (X) 69,769.9 (X) 91,850.1 (X)
Asia—South -12,888.2 (X) 5,335.4 (X) 18,223.6 (X)
Assoc. of South East Asia Nations -34,256.1 (X) 41,329.1 (X) 75,585.2 (X)
(ASEAN)
APEC -316,834.3 (X) 448,891.8 (X) 765,726.0 (X)
South/Central America -17,952.2 (X) 51,551.1 (X) 69,503.3 (X)

United States

COUNTRY TRADE BALANCE RANK EXPORTS F . A . S . RANK IMPORTS CUSTOMS RANK
(1) Detailed data are presented on a Census basis. The information needed to convert to a BOP basis is not available.
(2) Countries included in Euro Area are also included in European Union.
(3) Selected countries are included in more than one area grouping. Indonesia is included in both OPEC and Pacific Rim; Venezuela is included in both OPEC and South/Central America.
(4) The export totals reflect shipments of certain grains, oilseeds, and satellites that are not included in the country/area totals.
NOTE: For information on data sources, iron sampling errors and definitions, see the information section on page 26 of the FT-900, or at www.census.gov/foreign-trade/www/press.html or www.bea.gov/bea/rels.htm . Source: U.S. Census Bureau and the Bureau of Economic Analysis (BEA). "U.S. International Trade in Goods and Services: April 2003." Washington: United States Department of Commerce, 2003.
Twenty Latin American Republics -56,871.1 (X) 142,263.1 (X) 199,134.2 (X)
Central American Common Market -2,028.3 (X) 9,833.1 (X) 11,861.4 (X)
Latin American Free Trade Association -56,491.6 (X) 126,054.4 (X) 182,546.0 (X)
North Atlantic Treaty Organization -133,683.6 (X) 313,205.0 (X) 446,888.5 (X)
(NATO) Allies
Organization of Petroleum Exporting -34,432.7 (X) 18,811.9 (X) 53,244.6 (X)
Countries (OPEC)
Unidentified 187.1 (X) 187.1 (X) (-) (X)

pressures on the US dollar compelled the government to announce a 10% devaluation against nearly all of the world's major currencies. US international gold reserves thereupon rose from $14.4 billion in 1973 to $15.9 billion at the end of 1974; as of 1999, US gold reserves stood at $75 billion, down from $102 billion in 1990

Despite the decline in the value of the dollar in 2003, the current account was forecast to remain in substantial deficit for 2003/04. The volume of US imports and exports surpasses that of any other country, but exports of goods and services accounted for less than 11% of GDP in 2001.

The US Central Intelligence Agency (CIA) reports that in 2001 the purchasing power parity of the United States' exports was $723 billion while imports totaled $1.15 trillion resulting in a trade deficit of $425 billion.

The International Monetary Fund (IMF) reports that in 2001 the United States had exports of goods totaling $722 million and imports totaling $1.15 trillion. The services credit totaled $276 billion and debit $210 billion. The following table summarizes the United States' balance of payments as reported by the IMF for 2001 in billions of US dollars.

United States

Current Account -393
Balance on goods -424
Balance on services 66
Balance on income 14
Current transfers -49
Capital Account 1
Financial Account 387
Direct investment abroad -128
Direct investment in the United States 131
Portfolio investment assets -95
Portfolio investment liabilities 426
Other investment assets -144
Other investment liabilities 196
Net Errors and Omissions 11
Reserves and Related Items -5


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