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Ranked: The World’s Top 10 Largest Trade Deficits by CountryPublished 6
hours ago on March 11, 2025
By Dorothy Neufeld
Graphics/Design:
Sabrina Lam
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Which Countries Have the Largest Trade Deficits?
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Key Takeaways
The U.S. has the largest trade deficit globally, at $1.1 trillion in
2023, growing from $541.6 billion in two decades.
India and the UK follow next in line, driven by strong domestic consumption.
Europe is home to five of the top 10 highest trade deficits worldwide,
while two countries in Asia rank in the top 10.
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.
This graphic shows the top 10 countries with the highest trade deficits,
based on data from the World Bank.
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).