Services vs Goods Trade Balance

See the full U.S. trade picture by combining Census Bureau merchandise data with BEA services trade data. The U.S. runs a large goods deficit but a significant services surplus.

The Full Trade Picture

Most trade discussions focus on the merchandise (goods) trade deficit. But the U.S. is the world's largest services exporter — in financial services, technology, travel, education, and intellectual property. When services are included, the overall trade deficit is significantly smaller.

Frequently Asked Questions

Does the U.S. have a trade surplus in services?

Yes. The U.S. consistently runs a large services trade surplus, driven by financial services, travel, intellectual property, and business services. This partially offsets the merchandise trade deficit.

Why do most trade statistics only show goods and not services?

Goods (merchandise) trade data comes from the Census Bureau and is available monthly at the product level. Services trade data comes from the Bureau of Economic Analysis (BEA) at a coarser category grain and on a slower schedule than the monthly goods data. This tool combines both sources.

Services vs Goods Trade Balance

See the full U.S. trade picture by combining Census Bureau merchandise data with BEA services trade data. The U.S. runs a large goods deficit but a significant services surplus.

Goods trade

Census Bureau, 2025 (Census basis)

Imports$3.3T

Exports$2.2T

Balance−$1.1T

Services trade

Bureau of Economic Analysis, 2025

Imports$910.2B

Exports$1.2T

Balance+$327.7B

Combined

Census goods + BEA services, 2025

Total imports$4.2T

Total exports$3.4T

Net balance−$820.1B

The services surplus offsets 29% of the goods deficit.

Goods are on a Census basis: general imports and total exports as recorded by customs, summed over the twelve months of 2025. Services are BEA's annual totals for 2025. BEA adjusts goods to a balance-of-payments basis before publishing the official goods and services balance, so this combined figure will not exactly match the headline U.S. trade deficit, and Census annual revisions can move the goods total slightly.

Monthly goods trade, last 12 months

Period	Imports	Exports	Balance
Aug 2026	$336.2B	$204.7B	−$131.4B
Jul 2026	$332.9B	$197.5B	−$135.5B
Jun 2026	$317.4B	$208.2B	−$109.3B
May 2026	$311.9B	$208.2B	−$103.6B
Apr 2026	$300.5B	$218.0B	−$82.5B
Mar 2026	$302.3B	$221.4B	−$80.9B
Feb 2026	$253.6B	$195.1B	−$58.4B
Jan 2026	$260.5B	$186.4B	−$74.2B
Dec 2025	$268.6B	$178.2B	−$90.4B
Nov 2025	$249.4B	$181.4B	−$68.0B
Oct 2025	$261.2B	$202.7B	−$58.5B
Sep 2025	$263.1B	$185.2B	−$77.9B