U.S. INTERNATIONAL TRADE DEFICIT $47.2 BLN
U.S. BEA - DECEMBER 5, 2019 - U.S. International Trade in Goods and Services, October 2019
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $47.2 billion in October, down $3.9 billion from $51.1 billion in September, revised.
Deficit: | $47.2 Billion | -7.6%° |
Exports: | $207.1 Billion | -0.2%° |
Imports: | $254.3 Billion | -1.7%° |
Next release: January 7, 2020 (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, December 5, 2019 |
Exports, Imports, and Balance (exhibit 1)
October exports were $207.1 billion, $0.4 billion less than September exports. October imports were $254.3 billion, $4.3 billion less than September imports.
The October decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.7 billion to $68.0 billion and an increase in the services surplus of $0.2 billion to $20.8 billion.
Year-to-date, the goods and services deficit increased $6.9 billion, or 1.3 percent, from the same period in 2018. Exports decreased $0.8 billion or less than 0.1 percent. Imports increased $6.1 billion or 0.2 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit decreased $1.8 billion to $50.6 billion for the three months ending in October.
- Average exports decreased $0.6 billion to $208.0 billion in October.
- Average imports decreased $2.4 billion to $258.6 billion in October.
Year-over-year, the average goods and services deficit decreased $5.3 billion from the three months ending in October 2018.
- Average exports decreased $1.2 billion from October 2018.
- Average imports decreased $6.5 billion from October 2018.
Exports (exhibits 3, 6, and 7)
Exports of goods decreased $0.8 billion to $136.1 billion in October.
Exports of goods on a Census basis decreased $0.7 billion.
- Consumer goods decreased $0.7 billion.
- Pharmaceutical preparations decreased $0.4 billion.
- Gem diamonds decreased $0.4 billion.
- Capital goods decreased $0.4 billion.
- Civilian aircraft engines decreased $0.6 billion.
- Automotive vehicles, parts, and engines decreased $0.3 billion.
- Industrial supplies and materials increased $0.6 billion.
Net balance of payments adjustments decreased $0.1 billion.
Exports of services increased $0.3 billion to $71.1 billion in October.
- Other business services increased $0.2 billion.
- Travel increased $0.1 billion.
- Transport decreased $0.1 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods decreased $4.5 billion to $204.1 billion in October.
Imports of goods on a Census basis decreased $4.6 billion.
- Consumer goods decreased $2.4 billion.
- Pharmaceutical preparations decreased $0.8 billion.
- Cell phones and other household goods decreased $0.4 billion.
- Cotton apparel and household goods decreased $0.3 billion.
- Toys, games, and sporting goods decreased $0.3 billion.
- Automotive vehicles, parts, and engines decreased $1.8 billion.
- Automotive parts and accessories decreased $0.8 billion.
- Passenger cars decreased $0.5 billion.
- Trucks, buses, and special purpose vehicles decreased $0.5 billion.
Net balance of payments adjustments increased $0.1 billion.
Imports of services increased $0.1 billion to $50.2 billion in October.
- Travel increased $0.1 billion.
- Other business services increased $0.1 billion.
- Transport decreased $0.1 billion.
Real Goods in 2012 Dollars – Census Basis (exhibit 11)
The real goods deficit decreased $3.9 billion to $79.1 billion in October.
- Real exports of goods decreased $0.8 billion to $147.8 billion.
- Real imports of goods decreased $4.7 billion to $226.9 billion.
Revisions
Exports and imports of goods and services were revised for April through September 2019 to incorporate more comprehensive and updated quarterly and monthly data.
Revisions to September exports
- Exports of goods were revised down less than $0.1 billion.
- Exports of services were revised up $1.6 billion.
Revisions to September imports
- Imports of goods were revised down less than $0.1 billion.
- Imports of services were revised up $0.2 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The October figures show surpluses, in billions of dollars, with South and Central America ($4.7), OPEC ($1.9), Hong Kong ($1.8), Brazil ($1.2), United Kingdom ($0.8), Singapore ($0.6), and Saudi Arabia ($0.6). Deficits were recorded, in billions of dollars, with China ($27.8), European Union ($14.3), Mexico ($7.8), Germany ($5.0), Japan ($4.5), Canada ($3.4), Italy ($2.6), France ($2.0), India ($2.0), Taiwan ($1.6), and South Korea ($1.5).
- The deficit with Japan decreased $1.4 billion to $4.5 billion in October. Exports increased $0.6 billion to $6.4 billion and imports decreased $0.9 billion to $10.9 billion.
- The deficit with the European Union decreased $1.3 billion to $14.3 billion in October. Exports increased $0.5 billion to $28.7 billion and imports decreased $0.9 billion to $43.0 billion.
- The deficit with Canada increased $0.8 billion to $3.4 billion in October. Exports decreased $0.7 billion to $23.8 billion and imports increased $0.2 billion to $27.2 billion.
Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis (exhibit 20)
Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, third-quarter figures are now available.
The third-quarter figures show surpluses, in billions of dollars, with South and Central America ($21.6), Brazil ($8.0), Hong Kong ($7.6), OPEC ($6.5), Singapore ($4.9), United Kingdom ($4.6), and Saudi Arabia ($2.1). Deficits were recorded, in billions of dollars, with China ($77.3), European Union ($34.3), Mexico ($26.3), Germany ($18.3), Japan ($14.9), Italy ($9.8), India ($7.5), Taiwan ($5.4), France ($4.7), South Korea ($2.3), and Canada ($2.0).
- The deficit with China decreased $2.6 billion to $77.3 billion in the third quarter. Exports increased less than $0.1 billion to $42.5 billion and imports decreased $2.6 billion to $119.8 billion.
- The surplus with members of OPEC increased $2.1 billion to $6.5 billion in the third quarter. Exports decreased $0.1 billion to $19.8 billion and imports decreased $2.2 billion to $13.3 billion.
- The deficit with Germany increased $1.8 billion to $18.3 billion in the third quarter. Exports increased $0.7 billion to $24.3 billion and imports increased $2.6 billion to $42.6 billion.
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