Here are the top five imports that account for 27.5%, almost one-third, of our trade deficit. This trade deficit is usually accompanied by (but not necessarily tied to or causal with) public debt. When a country begins to export more goods than it imports, known as a trade surplus, the trade deficit will shrink. The United States had its last trade surplus in 1975 and has maintained a trade deficit ever since. The position of crude oil on this list can fluctuate wildly depending on the time of year, the global supply of crude oil, and international politics.