Charted: What's Driving The U.S. Trade Deficit?
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Charted: What’s Driving the U.S. Trade Deficit?

Published

2 years ago

on

2022 U.S. trade deficit

How Manufactured Goods Dominate the U.S. Trade Deficit

The United States has had many major trading partners over the decades, with annual imports and exports from them both totaling trillions of dollars.

Ever since the 1970s, the country’s imports started to overshadow exports and the U.S. trade deficit began to grow. Once the 1990s began, fueled by globalization-friendly policies around the world and cheap international goods, the trade deficit began to climb even more rapidly.

In this graphic, Ehsan Soltani uses data from the World Trade Organization to highlight the role of manufactured goods in the rising U.S. trade deficit over the last three decades.

U.S. Trade Deficit in Goods From 1990 to 2022

In 2022, the U.S. trade deficit for goods hit $1.31 trillion, consisting of more than $3 trillion in imports and offset by $2 trillion in exports. That’s a growth of 40% over a decade from a deficit $791 billion in 2012.

YearU.S. Exports
(Total)		U.S. Imports
(Total)		Trade Surplus/Deficit
2022$2,065B$3,376B-$1,311B
2021$1,754B$2,935B-$1,183B
2020$1,425B$2,407B-$982B
2019$1,643B$2,567B-$924B
2018$1,664B$2,614B-$950B
2017$1,546B$2,408B-$862B
2016$1,451B$2,250B-$799B
2015$1,503B$2,315B-$813B
2014$1,621B$2,413B-$792B
2013$1,580B$2,329B-$749B
2012$1,546B$2,337B-$791B
2011$1,483B$2,266B-$784B
2010$1,278B$1,969B-$691B
2009$1,056B$1,605B-$549B
2008$1,287B$2,169B-$882B
2007$1,148B$2,020B-$872B
2006$1,026B$1,918B-$892B
2005$901B$1,733B-$832B
2004$815B$1,526B-$711B
2003$725B$1,303B-$578B
2002$693B$1,200B-$507B
2001$729B$1,179B-$450B
2000$782B$1,259B-$477B
1999$696B$1,059B-$364B
1998$682B$944B-$262B
1997$689B$899B-$210B
1996$625B$822B-$197B
1995$585B$771B-$186B
1994$513B$689B-$177B
1993$465B$603B-$139B
1992$448B$554B-$106B
1991$422B$508B-$87B
1990$394B$517B-$123B

When compared to trade numbers from the early 1990s and 2000s, its clear how much U.S. trade as a whole has grown.

In 1992, the U.S. trade deficit for goods sat at only $106 billion, with imports totaling $554 billion and exports totaling $448 billion. Just a decade later by 2002, the deficit had already climbed by five times.

Manufactured Goods Trade Outshines Fuel

Analyzing the subtleties in the country’s deficit in traded goods also shows how U.S. reliance on other countries has changed over the years.

In 1990, the deficit incurred from trading manufactured goods—which doesn’t include fuel, mining production, agricultural products, or services—contributed to 69% of the total U.S. goods trade deficit.

YearU.S. Exports
(Manufactured)		U.S. Imports
(Manufactured)		Trade Surplus/Deficit
2022$1,196B$2,569B-$1,372B
2021$1,079B$2,256B-$1,177B
2020$915B$1,892B-$976B
2019$1,036B$1,994B-$958B
2018$1,050B$2,016B-$966B
2017$1,008B$1,872B-$864B
2016$969B$1,775B-$806B
2015$1,008B$1,811B-$803B
2014$1,052B$1,752B-$700B
2013$1,020B$1,650B-$629B
2012$1,009B$1,619B-$610B
2011$969B$1,524B-$555B
2010$872B$1,369B-$497B
2009$725B$1,122B-$397B
2008$973B$1,417B-$443B
2007$909B$1,409B-$500B
2006$829B$1,350B-$522B
2005$674B$1,238B-$564B
2004$618B$1,134B-$516B
2003$589B$990B-$401B
2002$571B$934B-$363B
2001$602B$906B-$303B
2000$646B$968B-$322B
1999$575B$843B-$268B
1998$558B$758B-$199B
1997$553B$699B-$145B
1996$485B$634B-$150B
1995$450B$608B-$158B
1994$399B$540B-$141B
1993$356B$465B-$109B
1992$340B$420B-$79B
1991$319B$380B-$61B
1990$290B$376B-$85B

Since then, despite the country exporting billions of dollars of products, the deficit caused by imported manufactured goods has only grown. In 2021, it crossed $1 trillion in deficit alone.

Part of that growth is directly tied to increasing imports from China over the 21st century. From 2001 to 2018, China’s exports to the U.S. accounted for 59% of the latter’s increasing manufacturing trade deficit, ranging in goods from electronics to machinery.

2022 U.S. trade deficit

However, the U.S. managed to recover some of this deficit through surplus fuel exports, which have been increasing over the same time period.

YearFuel Exports Fuel ImportsFuel Surplus/Deficit
2022$378B$323B$56B
2021$240B$224B$16B
2020$155B$130B$25B
2019$200B$210B$-10B
2018$193B$242B$-49B
2017$139B$204B$-65B
2016$94B$163B$-69B
2015$104B$200B$-96B
2014$155B$358B$-203B
2013$149B$389B$-240B
2012$137B$433B$-295B
2011$130B$463B$-332B
2010$81B$364B$-283B
2009$55B$279B$-224B
2008$77B$502B$-425B
2007$42B$372B$-330B
2006$35B$345B$-310B
2005$27B$301B$-275B
2004$19B$217B$-198B
2003$14B$163B$-149B
2002$12B$122B$-110B
2001$13B$129B$-116B
2000$13B$140B$-126B
1999$10B$79B$-69B
1998$10B$62B$-52B
1997$13B$83B$-70B
1996$12B$77B$-65B
1995$10B$63B$-53B
1994$9B$60B$-51B
1993$10B$59B$-49B
1992$11B$59B$-47B
1991$12B$58B$-46B
1990$12B$69B$-56B

Historically the U.S. was a larger fuel consumer than producer, and was heavily affected by soaring oil prices from 2003 to the Great Recession. In 2008, the United States trade deficit in fuel hit $425 billion.

But a boom in shale oil production has seen the country rapidly increase production and exports, becoming the world’s largest crude oil producer. Despite falling oil prices, by 2020 the U.S. managed to erase its fuel trade deficit.

Will The U.S. Trade Deficit Keep Growing?

The dominance of manufactured goods in the U.S. trade deficit poses a significant challenge for policymakers and businesses.

On one hand, the country’s reliance on other countries for cheaper parts and labor has allowed its economy to benefit. But it has also become increasingly susceptible to tariffs, slowdowns in other countries, and trade wars.

While there are efforts in place to promote domestic manufacturing, such as in semiconductor chips, the effects have yet to dent the goods trade deficit.

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Markets

Central Banks Now Hold More Gold Than U.S. Treasuries

For the first time since 1996, central banks hold more gold than U.S. Treasuries.

Published

4 weeks ago

on

October 8, 2025

By

Line chart showing how foreign central banks’ gold now exceeds U.S. Treasuries for the first time since 1996.

Central Banks Now Hold More Gold Than U.S. Treasuries

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Key Takeaways

  • For the first time since 1996, foreign central banks’ gold reserves have overtaken their U.S. Treasury holdings.
  • Persistent gold buying and rising U.S. debt risks are reshaping reserve composition toward hard assets.

Central banks have crossed a symbolic line: their combined gold reserves now exceed their U.S. Treasury holdings for the first time in nearly three decades.

The crossover underscores a gradual diversification away from dollar-denominated securities and toward hard assets.

This visualization tracks how these shares have evolved from the 1970s to today. The data comes from Crescat Capital macro strategist Tavi Costa.

From Petrodollars to De-Dollarization

After the end of Bretton Woods, soaring real interest rates and the rise of the petrodollar steered reserve managers toward U.S. Treasuries through the 1980s and 1990s.

In the 2000s, the dollar’s depth and liquidity reinforced that preference. Since 2022, however, heavy official gold buying has picked up again — 1,136 tonnes in 2022, a record — with 2023 and 2024 maintaining historically strong accumulation. The trend is even more striking considering that nearly one-fifth of all the gold ever mined is now held by central banks.

DateGold Holdings As a % International ReservesU.S. Treasuries Holdings As a % International Reserves
1/30/197048%13%
1/29/197143%23%
1/31/197236%32%
1/31/197339%31%
1/31/197450%17%
1/31/197550%15%
1/30/197644%18%
1/31/197741%20%
1/31/197841%23%
1/31/197944%18%
1/31/198060%8%
1/30/198154%11%
1/29/198251%13%
1/31/198357%13%
1/31/198451%15%
1/31/198546%17%
1/31/198646%16%
1/30/198744%18%
1/29/198841%19%
1/31/198937%21%
1/31/199037%19%
2/28/199036%20%
1/31/199130%21%
1/31/199229%23%
1/29/199327%23%
1/31/199427%23%
1/31/199524%24%
1/31/199623%28%
1/31/199719%31%
1/30/199816%31%
1/29/199915%31%
1/31/200014%29%
2/29/200014%29%
3/31/200014%29%
4/28/200013%29%
5/31/200013%29%
6/30/200014%28%
7/31/200013%28%
8/31/200013%28%
9/29/200013%28%
10/31/200013%29%
11/30/200013%28%
12/29/200013%28%
1/31/200112%29%
2/28/200112%28%
3/30/200112%29%
4/30/200112%28%
5/31/200112%28%
6/29/200112%28%
7/31/200112%28%
8/31/200112%28%
9/28/200113%27%
10/31/200112%30%
11/30/200112%30%
12/31/200112%30%
1/31/200212%30%
2/28/200213%29%
3/29/200213%29%
4/30/200213%30%
5/31/200213%29%
6/28/200212%28%
7/31/200212%28%
8/30/200212%28%
9/30/200212%28%
10/31/200212%30%
11/29/200212%29%
12/31/200213%28%
1/31/200313%29%
2/28/200312%29%
3/31/200312%29%
4/30/200312%30%
5/30/200312%28%
6/30/200311%28%
7/31/200311%29%
8/29/200312%29%
9/30/200312%28%
10/31/200311%29%
11/28/200312%28%
12/31/200312%28%
1/30/200411%30%
2/27/200411%29%
3/31/200411%29%
4/30/200410%31%
5/31/200410%30%
6/30/200410%30%
7/30/200410%32%
8/31/200410%31%
9/30/200411%31%
10/29/200411%31%
11/30/200411%30%
12/31/200410%29%
1/31/200510%29%
2/28/200510%29%
3/31/20059%28%
4/29/20059%29%
5/31/20059%29%
6/30/20059%28%
7/29/20059%28%
8/31/20059%28%
9/30/200510%28%
10/31/20059%28%
11/30/200510%28%
12/30/200510%27%
1/31/200611%27%
2/28/200611%27%
3/31/200611%27%
4/28/200612%26%
5/31/200611%25%
6/30/200611%25%
7/31/200611%27%
8/31/200611%26%
9/29/200610%26%
10/31/200610%27%
11/30/200610%26%
12/29/200610%26%
1/31/200710%26%
2/28/200710%26%
3/30/200710%25%
4/30/200710%25%
5/31/20079%24%
6/29/20079%24%
7/31/20079%24%
8/31/20079%24%
9/28/200710%23%
10/31/200710%24%
11/30/200710%23%
12/31/200710%23%
1/31/200811%24%
2/29/200811%23%
3/31/200810%23%
4/30/200810%23%
5/30/200810%23%
6/30/200810%22%
7/31/200810%24%
8/29/20089%25%
9/30/20089%24%
10/31/20088%30%
11/28/20089%29%
12/31/200810%29%
1/30/200910%31%
2/27/200911%31%
3/31/200910%31%
4/30/200910%32%
5/29/200911%31%
6/30/200910%30%
7/31/200910%32%
8/31/200910%31%
9/30/200910%31%
10/30/200911%31%
11/30/200912%30%
12/31/200911%30%
1/29/201011%31%
2/26/201011%31%
3/31/201011%31%
4/30/201011%31%
5/31/201012%31%
6/30/201012%31%
7/30/201011%33%
8/31/201012%33%
9/30/201012%31%
10/29/201012%31%
11/30/201012%31%
12/31/201012%31%
1/31/201112%31%
2/28/201112%30%
3/31/201112%30%
4/29/201113%29%
5/31/201112%30%
6/30/201112%29%
7/29/201113%30%
8/31/201114%29%
9/30/201113%30%
10/31/201113%29%
11/30/201114%29%
12/30/201113%30%
1/31/201214%30%
2/29/201213%30%
3/30/201213%30%
4/30/201213%31%
5/31/201212%31%
6/29/201213%31%
7/31/201213%31%
8/31/201213%31%
9/28/201213%30%
10/31/201213%31%
11/30/201213%31%
12/31/201213%31%
1/31/201313%31%
2/28/201312%31%
3/29/201312%31%
4/30/201311%30%
5/31/201311%31%
6/28/201310%32%
7/31/201310%31%
8/30/201311%31%
9/30/201310%31%
10/31/201310%31%
11/29/201310%31%
12/31/20139%31%
1/31/20149%31%
2/28/201410%30%
3/31/201410%30%
4/30/201410%30%
5/30/20149%30%
6/30/201410%30%
7/31/201410%31%
8/29/201410%30%
9/30/20149%31%
10/31/20149%31%
11/28/20149%31%
12/31/20149%31%
1/30/201510%31%
2/27/20159%32%
3/31/20159%32%
4/30/20159%32%
5/29/20159%32%
6/30/20159%32%
7/31/20159%32%
8/31/20159%33%
9/30/20159%33%
10/30/20159%32%
11/30/20159%33%
12/31/20159%33%
1/29/201610%33%
2/29/201610%33%
3/31/201610%32%
4/29/201611%32%
5/31/201610%32%
6/30/201611%32%
7/29/201611%31%
8/31/201611%31%
9/30/201611%31%
10/31/201611%30%
11/30/201610%31%
12/30/201610%31%
1/31/201710%31%
2/28/201711%31%
3/31/201711%31%
4/28/201711%32%
5/31/201711%31%
6/30/201710%31%
7/31/201711%32%
8/31/201711%31%
9/29/201711%31%
10/31/201711%31%
11/30/201711%31%
12/29/201711%30%
1/31/201811%30%
2/28/201811%30%
3/30/201811%30%
4/30/201811%30%
5/31/201811%30%
6/29/201810%30%
7/31/201810%31%
8/31/201810%31%
9/28/201810%31%
10/31/201810%31%
11/30/201810%30%
12/31/201811%30%
1/31/201911%31%
2/28/201911%31%
3/29/201911%31%
4/30/201911%31%
5/31/201911%31%
6/28/201911%30%
7/31/201911%30%
8/30/201912%30%
9/30/201912%30%
10/31/201912%30%
11/29/201912%30%
12/31/201912%29%
1/31/202013%29%
2/28/202013%29%
3/31/202013%30%
4/30/202013%29%
5/29/202014%29%
6/30/202014%29%
7/31/202015%28%
8/31/202015%28%
9/30/202014%28%
10/30/202014%28%
11/30/202014%28%
12/31/202014%27%
1/29/202114%27%
2/26/202113%28%
3/31/202113%28%
4/30/202113%28%
5/31/202114%27%
6/30/202113%28%
7/30/202114%27%
8/31/202114%27%
9/30/202113%27%
10/29/202113%27%
11/30/202113%27%
12/31/202114%27%
1/31/202214%26%
2/28/202214%26%
3/31/202215%26%
4/29/202215%26%
5/31/202214%26%
6/30/202214%27%
7/29/202214%26%
8/31/202214%26%
9/30/202214%27%
10/31/202214%27%
11/30/202214%26%
12/30/202215%26%
1/31/202315%26%
2/28/202315%26%
3/31/202315%25%
4/28/202315%25%
5/31/202315%25%
6/30/202315%26%
7/31/202315%25%
8/31/202315%25%
9/29/202315%25%
10/31/202316%26%
11/30/202316%25%
12/29/202316%25%
1/31/202416%25%
2/29/202416%25%
3/29/202417%25%
4/30/202417%25%
5/31/202417%24%
6/28/202417%24%
7/31/202418%25%
8/30/202418%24%
9/30/202419%24%
10/31/202420%23%
11/29/202419%23%
12/31/202419%23%
1/31/202520%24%
2/28/202520%24%
3/31/202522%23%
4/30/202522%23%
5/30/202522%23%
6/30/202524%23%

As political uncertainty and geopolitical risks continue to fuel safe-haven demand, this purchasing momentum has also lifted prices: gold surpassed $4,000 an ounce for the first time ever in October 2025.

Why “More Gold than Treasuries” Matters

Crossing above Treasuries signals that reserve managers are prioritizing durability, portability, and neutrality over yield.

According to the IMF, gold’s share of global reserves climbed to about 18% in 2024, up sharply from mid-2010s levels, reflecting a structural reweighting toward tangible assets.

Seen as an alternative to heavily indebted fiat currencies, especially the U.S. dollar, the share of gold in central bank reserves has increased most among emerging market economies. China, Russia, and Türkiye have been the largest official buyers over the past decade.

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Commodities

Who Makes the World’s Steel? Top 10 Countries, Ranked

One country makes over half of the world’s steel. See how other nations stack up in our ranking of the top ten steel producers by output.

Published

2 months ago

on

September 15, 2025

By

This chart breaks down the world's steel supply by the top 10 producing countries in 2024.

Who Makes the World’s Steel? Top 10 Countries, Ranked

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

  • China produces more than half of the world’s steel supply, crossing the 1 billion-tonne mark in 2024.
  • Surging domestic construction, a vast manufacturing base, and state-led infrastructure projects underpin China’s dominance.

Steel is the backbone of modern infrastructure, found in everything from skyscrapers and bridges to cars and household appliances.

This infographic ranks the world’s top steel-producing nations by crude steel production in 2024, measured in tonnes.

Data for this visualization is sourced from World Steel Association.

Ranked: Top 10 Steel Producing Countries in 2024

China churned out a whopping 1 billion tonnes of crude steel in 2024.

For reference, this is more than the combined output of every other country in the world.

RankName2024 Crude Steel
Production (Tonnes)
1🇨🇳 China1.0B
2🇮🇳 India149.4M
3🇯🇵 Japan84.0M
4🇺🇸 U.S.79.5M
5🇷🇺 Russia71.0M
6🇰🇷 South Korea63.6M
7🇩🇪 Germany37.2M
8🇹🇷 Türkiye36.9M
9🇧🇷 Brazil33.8M
10🇮🇷 Iran31.4M
N/A🌍 Rest of World292.6M
N/A🌐 World Total1.9B

That sheer scale reflects decades of rapid urbanization, government stimulus, and an export-oriented manufacturing machine.

Although environmental pressures are prompting capacity caps, Beijing’s latest five-year plan still prioritizes high-tech and green construction, implying continued robust demand.

Other Major Steel Producing Countries

India remains a distant second at 149 million tonnes, yet it is the only top producer logging double-digit growth year-over-year.

New blast furnaces and electric-arc furnace investments aim to propel India to the 300-million-tonne mark by decade’s end, tightening its grip on second place.

High-Income Steel Producing Countries

Japan (84 million tonnes) and the U.S. (79.5 million tonnes) round out the top four, but both have seen production stagnate or decline amid aging plants and slower domestic demand in the last two decades.

In fact, steel is a major category under President Trump’s new tariffs, attracting duties as high as 50% for products that contain steel manufactured in other countries.

This is a roundabout attempt to force companies to use American steel, though opinions are divided on their immediate impact.

This market analysis report says the U.S. steel industry is positioning itself for long-term growth despite current uncertainties.

A key driver to this stated growth is the switch to electric arc furnaces, which use scrap steel (instead of iron ore) as an input product, improving efficiency and reducing emissions.

Similarly, South Korea and Germany’s steel industries face high energy costs and stringent emissions rules, and they are also shifting to electric-arc technology.

Together, the top 10 nations account for nearly 85% of global steel production.

However, with China alone commanding 53%, it leaves the world’s steel supply highly sensitive to Chinese economic swings.

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