U.S. INTERNATIONAL TRADE DEFICIT $52.5 BLN

U.S. BEA - NOVEMBER 5, 2019 - U.S. International Trade in Goods and Services, September 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $52.5 billion in September, down $2.6 billion from $55.0 billion in August, revised.

Exports, Imports, and Balance (exhibit 1)

September exports were $206.0 billion, $1.8 billion less than August exports. September imports were $258.4 billion, $4.4 billion less than August imports.

The September decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.7 billion to $71.7 billion and a decrease in the services surplus of $0.1 billion to $19.3 billion.

Year-to-date, the goods and services deficit increased $24.8 billion, or 5.4 percent, from the same period in 2018. Exports decreased $7.0 billion or 0.4 percent. Imports increased $17.8 billion or 0.8 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $1.0 billion to $53.8 billion for the three months ending in September.

• Average exports decreased $0.1 billion to $207.1 billion in September.
• Average imports decreased $1.1 billion to $260.9 billion in September.

Year-over-year, the average goods and services deficit decreased $0.6 billion from the three months ending in September 2018.

• Average exports decreased $1.7 billion from September 2018.
• Average imports decreased $2.3 billion from September 2018.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $1.8 billion to $136.8 billion in September.

Exports of goods on a Census basis decreased $1.9 billion.

• Foods, feeds, and beverages decreased $1.5 billion.
• Soybeans decreased $1.0 billion.
• Automotive vehicles, parts, and engines decreased $1.0 billion.
• Passenger cars decreased $0.3 billion.
• Trucks, buses, and special purpose vehicles decreased $0.3 billion.
• Capital goods increased $0.8 billion.
• Civilian aircraft increased $0.7 billion.
• Civilian aircraft engines increased $0.6 billion.

Net balance of payments adjustments increased $0.1 billion.

Exports of services decreased $0.1 billion to $69.2 billion in September.

• Travel decreased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $4.5 billion to $208.6 billion in September.

Imports of goods on a Census basis decreased $4.3 billion.

• Consumer goods decreased $2.5 billion.
• Cell phones and other household goods decreased $0.8 billion.
• Toys, games, and sporting goods decreased $0.6 billion.
• Artwork, antiques, stamps, and other collectibles decreased $0.4 billion.
• Capital goods decreased $1.1 billion.
• Semiconductors decreased $0.6 billion.
• Automotive vehicles, parts, and engines decreased $1.1 billion.
• Trucks, buses, and special purpose vehicles decreased $0.4 billion.
• Automotive parts and accessories decreased $0.3 billion.
• Passenger cars decreased $0.3 billion.

Net balance of payments adjustments decreased $0.2 billion.

Imports of services increased $0.1 billion to $49.9 billion in September, reflecting small (less than $50 million) changes in all major service categories.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit decreased $3.1 billion to $82.6 billion in September.

• Real exports of goods decreased $1.5 billion to $148.8 billion.
• Real imports of goods decreased $4.6 billion to $231.5 billion.

Revisions

Revisions to August exports

• Exports of goods were revised up less than $0.1 billion.
• Exports of services were revised down $0.1 billion.

Revisions to August imports

• Imports of goods were revised up less than $0.1 billion.
• Imports of services were revised up $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The September figures show surpluses, in billions of dollars, with South and Central America ($5.0), Hong Kong ($2.1), Brazil ($1.0), OPEC ($1.0), Singapore ($0.9), United Kingdom ($0.7), and Saudi Arabia ($0.3). Deficits were recorded, in billions of dollars, with China ($28.0), European Union ($15.7), Mexico ($9.1), Japan ($5.9), Germany ($5.0), Italy ($3.0), Canada ($2.5), Taiwan ($2.1), India ($2.0), France ($1.7), and South Korea ($1.2).

• The deficit with Germany decreased $1.9 billion to $5.0 billion in September. Exports increased $0.7 billion to $5.6 billion and imports decreased $1.2 billion to $10.7 billion.
• The deficit with China decreased $0.9 billion to $28.0 billion in September. Exports decreased $1.0 billion to $9.0 billion and imports decreased $1.9 billion to $37.0 billion.
• The deficit with Canada increased $0.9 billion to $2.5 billion in September. Exports decreased $0.3 billion to $24.5 billion and imports increased $0.6 billion to $27.0 billion.

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