U.S. INTERNATIONAL TRADE DEFICIT DOWN

U.S. BEA - November 4, 2020 - U.S. International Trade in Goods and Services, September 2020

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $63.9 billion in September, down $3.2 billion from $67.0 billion in August, revised.

Exports, Imports, and Balance (exhibit 1) 

September exports were $176.4 billion, $4.4 billion more than August exports. September imports were $240.2 billion, $1.2 billion more than August imports. 

The September decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.1 billion to $80.7 billion and an increase in the services surplus of less than $0.1 billion to $16.8 billion. 

Year-to-date, the goods and services deficit increased $38.5 billion, or 8.6 percent, from the same period in 2019. Exports decreased $329.0 billion or 17.4 percent. Imports decreased $290.4 billion or 12.4 percent. 

Three-Month Moving Averages (exhibit 2) 

The average goods and services deficit increased $3.5 billion to $64.8 billion for the three months ending in September. 

• Average exports increased $7.0 billion to $172.2 billion in September.
• Average imports increased $10.4 billion to $237.0 billion in September. 

Year-over-year, the average goods and services deficit increased $14.9 billion from the three months ending in September 2019. 

• Average exports decreased $37.9 billion from September 2019.
• Average imports decreased $23.0 billion from September 2019. 

Exports (exhibits 3, 6, and 7) 

Exports of goods increased $3.7 billion to $122.8 billion in September. 

  Exports of goods on a Census basis increased $3.8 billion. 

• Foods, feeds, and beverages increased $1.6 billion.
  • Soybeans increased $1.4 billion.
• Capital goods increased $1.4 billion.
  • Telecommunications equipment increased $0.4 billion.
  • Industrial engines increased $0.3 billion.
  • Computer accessories increased $0.2 billion. 

  Net balance of payments adjustments decreased $0.1 billion. 

Exports of services increased $0.7 billion to $53.6 billion in September. 

• Transport increased $0.2 billion.
• Travel increased $0.1 billion.
• Financial services increased $0.1 billion.
• Other business services increased $0.1 billion. 

Imports (exhibits 4, 6, and 8) 

Imports of goods increased $0.6 billion to $203.5 billion in September. 

  Imports of goods on a Census basis increased $0.1 billion. 

• Automotive vehicles, parts, and engines increased $3.2 billion.Capital goods increased $0.8 billion.
  • Passenger cars increased $2.4 billion.
• Consumer goods decreased $2.1 billion.
• Cell phones and other household goods decreased $2.3 billion.
• Industrial supplies and materials decreased $1.3 billion.
  • Finished metal shapes decreased $1.4 billion. 

  Net balance of payments adjustments increased $0.5 billion. 

Imports of services increased $0.6 billion to $36.8 billion in September. 

• Travel increased $0.3 billion.
• Transport increased $0.2 billion. 

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

The real goods deficit decreased $4.8 billion to $87.6 billion in September. 

• Real exports of goods increased $3.4 billion to $140.1 billion.
• Real imports of goods decreased $1.4 billion to $227.7 billion. 

Revisions 

Revisions to August exports 

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

Revisions to August imports 

• Imports of goods were revised down $0.1 billion.
• Imports of services were revised up less than $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 ($2.5), OPEC ($1.4), Hong Kong ($1.3), Brazil ($1.1), United Kingdom ($0.8), Singapore ($0.3), and Saudi Arabia ($0.2). Deficits were recorded, in billions of dollars, with China ($24.3), European Union ($17.3), Mexico ($10.7), Japan ($5.6), Germany ($5.6), Italy ($2.7), Taiwan ($2.7), India ($2.7), South Korea ($2.2), Canada ($1.4), and France ($1.1). 

• The deficit with China decreased $2.1 billion to $24.3 billion in September. Exports increased $0.8 billion to $12.0 billion and imports decreased $1.3 billion to $36.4 billion.
• The deficit with Mexico decreased $1.8 billion to $10.7 billion in September. Exports increased $1.3 billion to $18.5 billion and imports decreased $0.5 billion to $29.2 billion.
• The deficit with the European Union increased $1.6 billion to $17.3 billion in September. Exports increased $0.3 billion to $19.6 billion and imports increased $1.9 billion to $36.9 billion.

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