U.S. Trade Surplus by Country: Top 10 Countries and What They Buy from America

Today, when it comes to the U.S. economy, the conversation often revolves around the U.S. trade deficit—the amount by which the value of imports exceeds the value of exports. Headlines regularly highlight the massive deficits with countries like China, Mexico, and Germany, painting a picture of an American economy consuming far more than it produces.

But that’s only half the story. The truth is, the United States has a trade surplus—meaning it exports more than it imports—with dozens of countries around the globe. Let's take a closer look at the countries with which the U.S. has its most significant trade surpluses.

Before we dive into the list, a quick primer on how a trade surplus works. A trade surplus occurs when a country’s total exports of goods and services exceed its total imports over a specific period. This is often viewed as a positive economic indicator, as it suggests a nation is a strong producer of goods and services that are in high demand internationally.

The U.S. had a massive trade surplus of around $55.5 billion with the Netherlands in 2024, an increase of $12.7 billion from the previous year.

The Netherlands may seem like an unlikely candidate for the number one spot, but its position as a major European hub for trade and logistics makes it a prime destination for American goods. The country’s sophisticated port and transportation infrastructure, particularly the Port of Rotterdam, serves as a gateway for U.S. exports to the rest of the European continent.

What Drives the Surplus?

Petroleum and Energy Products: The Netherlands is a major destination for American-produced crude oil and natural gas, especially in the wake of geopolitical shifts that have altered Europe’s energy landscape.

High-Value Machinery and Technology: U.S. exports to the Netherlands include high-tech machinery, scientific instruments, and specialized equipment used in various industries.

Agricultural Commodities: American agricultural products, from soybeans to animal feed, also find a large market in the Netherlands, serving both domestic consumption and re-export.

The U.S. trade surplus with Hong Kong was about $21.9 billion in 2024.

Hong Kong's unique status as a Special Administrative Region of China and a global financial hub makes it a distinct trading partner. It is a key entry point for American products destined for both its own economy and, often, as a re-export hub for mainland China and other parts of Asia.

What Drives the Surplus?

Electronics and Computer Technology: Hong Kong is a massive market for U.S.-made semiconductors, integrated circuits, and other high-tech components.

Precious Metals and Diamonds: The trade in high-value, non-monetary gold and other precious metals is a significant component of the surplus.

Luxury Goods: As a hub for luxury shopping and tourism, Hong Kong imports a large volume of U.S. high-end consumer goods, from designer apparel to fine jewelry.

The U.S. trade surplus with the U.K. was $11.9 billion in 2024.

The "special relationship" between the U.S. and the U.K. is as much economic as it is political. With a strong demand for American innovation and a historical trading partnership, the U.K. consistently imports more from the U.S. than it exports back.

What Drives the Surplus?

Energy Exports: The U.K. has become a major buyer of American Liquefied Natural Gas (LNG), particularly in recent years. This is a crucial component of the trade surplus.

Aerospace and Defense: The U.S. exports a wide range of civilian aircraft, parts, and defense-related equipment to the U.K.

Pharmaceuticals and Medical Products: American-made medicines, medical devices, and high-tech pharmaceuticals are in high demand in the U.K.

The U.S. trade surplus with Australia was roughly $17.9 billion in 2024.

Australia's robust economy and close political ties to the United States make it a natural and reliable trading partner. While the two countries exchange a variety of goods, the flow is consistently in America's favor.

What Drives the Surplus?

Aerospace and Defense: Like the U.K., Australia is a major importer of U.S. military equipment, aircraft, and related technology.

Industrial Machinery: American-made industrial machinery and heavy equipment are essential for Australia's mining and construction sectors.

Consumer Goods: A wide variety of American consumer products, from cars to processed foods, are popular among Australian consumers.

The U.S. has a growing trade surplus with South America's largest economy. In 2024, the U.S. had a trade surplus of about $7.4 billion with Brazil.

Brazil is an economic powerhouse and a major importer of U.S. industrial and agricultural goods. The trade relationship is dynamic, with the U.S. providing a wide range of high-value products to support Brazil's massive domestic industries.

What Drives the Surplus?

Refined Petroleum Products: The U.S. exports a significant amount of gasoline, diesel, and other refined fuels to Brazil.

Aircraft and Parts: Brazil is a major customer for U.S. aircraft manufacturers, both for commercial and military applications.

Fertilizers and Agricultural Machinery: Given Brazil's status as a global agricultural leader, it relies on American-made fertilizers, pesticides, and modern farm equipment to boost its yields.

Chemicals and Plastics: The U.S. exports various chemicals and plastics used in Brazil's manufacturing sector.

A notable surplus is driven by Belgium's role as a European logistical hub. The surplus with Belgium was approximately $6.3 billion for 2024.

Similar to the Netherlands, Belgium's central location in Europe and its well-developed port infrastructure (notably the Port of Antwerp) make it a key entry point for U.S. exports.

What Drives the Surplus?

Industrial Chemicals and Pharmaceuticals: The U.S. exports a wide range of chemicals and pharmaceutical components to Belgium, which has a large and advanced chemical industry.

Aircraft and Parts: U.S. aerospace products are a major component of the exports to Belgium.

The U.S. trade surplus with Luxembourg was around $26 billion in 2024, a surprisingly large surplus for a small country.

While Luxembourg is a small country, its position as a global financial center and its highly developed economy make it a major recipient of American exports, especially in the services sector. The surplus is a clear example of how intellectual property and financial services can dramatically outweigh traditional goods trade.

What Drives the Surplus?

Financial and Business Services: The vast majority of the U.S. trade surplus with Luxembourg comes from the services sector, including financial services, licenses for intellectual property, and business consulting.

High-Value Goods: The U.S. also exports high-value goods like aircraft parts and specialized machinery.

The U.S. goods and services trade surplus with Panama was an estimated $10.46 billion in 2024.

Panama’s economy is heavily centered on its role as a regional trade and logistics hub, and a significant portion of the goods passing through the Panama Canal are of U.S. origin. This makes it a major customer for American industrial and consumer products.

What Drives the Surplus?

Refined Petroleum Products: As a major transportation hub, Panama has a high demand for American refined fuels.

Industrial Supplies: The U.S. exports a large volume of industrial supplies and materials to support Panama’s infrastructure and construction industries.

Consumer Goods: A growing middle class and a robust tourism sector create a strong market for U.S. consumer goods.

The U.S. had a trade surplus of $19.5 billion with the UAE in 2024, making it the U.S.'s single largest export market in the Middle East.

The UAE’s booming economy and rapid diversification away from oil have created a strong demand for a wide range of high-tech and industrial goods from the U.S. The partnership is a key part of American economic strategy in the region.

What Drives the Surplus?

Aerospace and Defense: The UAE is a significant buyer of U.S. commercial and military aircraft and defense technology.

High-Value Machinery: American industrial machinery and equipment are in high demand for the UAE’s construction, energy, and manufacturing sectors.

Consumer Goods and Vehicles: The UAE's high per capita income and thriving retail sector make it a major market for U.S. automobiles and luxury goods.

The U.S. had a trade surplus of $2.41 billion with Honduras in 2024.

Honduras is a key trading partner in the region, with a strong demand for U.S. industrial and agricultural products. The trade relationship is facilitated by regional trade agreements and a long-standing economic partnership.

What Drives the Surplus?

Refined Petroleum Products: The U.S. is the primary supplier of refined fuels to Honduras.

Industrial Supplies and Materials: U.S. exports of plastics, chemicals, and other industrial supplies are essential for Honduras’s manufacturing and agricultural sectors.

Agricultural Goods: American grain, meat, and other food products are major exports to the Honduran market.

The U.S. trade surplus with these countries highlights several key strengths of the American economy:

Innovation and High-Tech Goods: The U.S. consistently exports high-value products, such as aircraft, medical devices, and machinery. These are goods that are difficult to manufacture and require significant research and development.

Energy Independence: The recent boom in U.S. oil and gas production has transformed its role in the global energy market. The ability to export LNG and refined petroleum products to allies in Europe and elsewhere is a major driver of the trade surplus.

The Power of Services: While goods get most of the attention, the U.S. has a massive and consistent services surplus with the world. This is driven by exports of financial services, intellectual property (patents, royalties), business consulting, and tourism. In many cases, the surplus of services of a country is large enough to offset a goods deficit.

Strategic Partnerships: The list of countries with a U.S. trade surplus often includes close allies. This is not a coincidence. These economic relationships are built on trust, shared values, and long-standing cooperation that facilitates the free flow of high-value goods and services.

In a global economy defined by complex interdependencies, the U.S. trade surplus with these key nations serves as a vital indicator of America's enduring role as a producer of sophisticated goods and services that the world still relies on. It proves that while the U.S. is a major consumer, it remains a powerful and essential supplier on the global stage.

What is the difference between a trade surplus and a trade deficit?

A trade surplus occurs when a country's total value of exports is greater than its total value of imports over a specific period. A trade deficit, on the other hand, is when a country's total value of imports is greater than its total value of exports.

Why does the U.S. have a trade surplus with some countries but a deficit overall?

The U.S. economy is highly specialized and diverse. It runs surpluses with countries that have a high demand for American-made, high-value goods like aircraft, advanced machinery, and energy products, or for American services like financial and intellectual property. However, the U.S. also imports a massive volume of consumer goods, raw materials, and components from other nations, leading to an overall deficit. The total trade balance is the sum of all these individual relationships.

How do U.S. trade policies, like tariffs, affect these surpluses?

Trade policies like tariffs can alter trade balances by making imported goods more expensive, which can reduce the deficit with a specific country. However, these policies can also provoke retaliatory tariffs from other nations, potentially harming U.S. exports and affecting existing surpluses. The impact is complex and depends on a variety of factors, including the specific products involved and the overall global economic environment

Does having a trade surplus or deficit mean an economy is "healthy" or "unhealthy"?

Not necessarily. While a trade surplus can indicate a strong productive capacity and high international demand for a nation's goods, a large and persistent deficit doesn't automatically signal a weak economy. A deficit can be a sign of a strong, confident economy where consumers have high purchasing power and businesses are making foreign investments. Economists debate the long-term implications of trade imbalances, but neither a surplus nor a deficit is a definitive measure of economic health on its own.