Which Countries Have the Largest Trade Deficits?
In the United States, President Trump is prioritizing the trade deficit as a key issue, a move that could reshape global trade dynamics.
The world’s largest economy imports about $1.1 trillion more goods than it exports, making it the world’s highest trade deficit. Like the U.S., many big economies—from India to Japan—have trade deficits driven by a number of factors, such as what the countries produce and strong domestic consumption.
America’s $1.1 Trillion Deficit in Trade
The U.S. has the largest trade deficit 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. This is supported by rising incomes that enable consumers to buy more foreign goods.
Below, we show the largest trade deficits by country. Figures are for 2023, the most recently available data as of March 4, 2025.
| Rank | Country | Net Trade Balance 2023 |
|---|---|---|
| 1 |  U.S. |
-$1.1T |
| 2 |  India |
-$245.5B |
| 3 |  United Kingdom |
-$233.1B |
| 4 |  Türkiye |
-$86.3B |
| 5 |  France |
-$82.3B |
| 6 |  Philippines |
-$65.9B |
| 7 |  Japan |
-$47.9B |
| 8 |  Spain |
-$37.5B |
| 9 |  Greece |
-$35.7B |
| 10 |  Romania |
-$31.3B |
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. Since 2023, rising demand for gold has widened this deficit amid geopolitical turbulence. High energy prices have also contributed to its recent increase. Overall, China stands as India’s largest trading partner, with its trade deficit growing by 75% since 2020.
As the world’s fourth-biggest economy in 2023, Japan reported a trade surplus with America and select European countries. However, this was offset by trade deficits in countries such as Saudi Arabia, the UAE, and Australia. Among the country’s leading exports were cars and integrated circuits, while its top import was crude petroleum.
Overall, the European region accounted for five of the top 10 trade deficits by country, led by the UK ($233.1 billion) and France ($82.3 billion).
Información extraída de: https://www.visualcapitalist.com/the-worlds-top-10-highest-trade-deficits-by-country/
