(CNSNews.com) - The United States ran a merchandise trade deficit of $734,316,300,000 in 2016, according to data released today by the Census Bureau.
During 2016, the U.S. imported $2,188,940,500,000 in goods but exported only $1,454,624,200,000.
The People’s Republic of China was the greatest contributor to the U.S. merchandise trade deficit for the year. The U.S bilateral merchandise trade deficit with China was $347,037,900,000. This deficit resulted from the U.S. importing $462,813,000,000 in goods from China while exporting only $115,775,100,00 in goods to China.
Japan was the second largest contributor to the U.S. merchandise trade deficit in 2016. The U.S. imported $132,201,800,000 in goods from Japan while exporting only $63,264,300,000—resulting in a deficit of $68,937,600,000.
German was the third largest contributor to the U.S. merchandise trade deficit. The U.S. imported $114,227,400,000 from Germany while exporting $49,362,000,000—resulting in a deficit of $64,865,400,000.
Mexico was the fourth largest contributor to the U.S. merchandise trade deficit. The U.S. imported $294,151,000,000 from Mexico while exporting $230,959,100,000—resulting in a deficit of $63,191,900,000.
Ireland was the fifth largest contributor to the U.S. merchandise trade deficit. The U.S. imported $45,503,900,000 from Ireland while exporting $9,555,700,000 to Ireland—resulting in a deficit of $35,948,200,000.
The 2016 merchandise trade deficit of $734,316,300,000 was slightly less than the $745,660,200,000 merchandise trade deficit that the United States ran in 2015 or the $735,193,900,000 merchandise trade deficit it ran in 2014.
According to the Bureau of Economic Analysis, the U.S. ran a combined goods and services trade deficit of $502,300,000,000 in 2016.
“Exports of services decreased $1.3 billion to $749.6 billion in 2016,” said BEA.
“Imports of services increased $13.1 billion to $501.8 billion in 2016,” said BEA.