Trade Deficit Down in September as Export Gains Outstrip Imports
Trade statistics released Nov. 10 by the Department of Commerce show that the U.S. trade deficit in goods and services resumed a recent downward trend in September, falling 4% to $43.1 billion. Exports gained 1.4% to $177.9 billion after a slight decline in August, while imports edged up 0.3% to $222.8 billion after a small decrease the month before. Compared to a year earlier, the September trade deficit was down by $0.9 billion (compared to a $72 million gain in August) as exports increased by $2.47 billion (15.9%) and imports rose $23.8 billion (11.9%).
According to DOC, the goods trade deficit contracted by $2.0 billion in September (versus a $146 million gain in August) to $58.9 billion while the services surplus fell $0.2 billion to $15.8 billion. Exports of goods moved ahead $2.6 billion to $129.3 billion while imports increased $0.6 billion to $188.2 billion. Services exports fell $0.1 billion to $51.1 billion and imports saw a $0.1 billion rise to $35.3 billion.
The bilateral trade deficit with China declined 3.1% to $28.1 billion. Deficits were also down with the European Union (28.9% to $6.4 billion), Japan (22.4% to $5.2 billion), Mexico (9.1% to $5.0 billion), Germany (4.4% to $4.3 billion), Ireland (20.7% to $2.3 billion), Venezuela (33.3% to $2.0 billion), Nigeria (36.7% to $1.9 billion) and Taiwan (6.3% to $1.5 billion). Deficits increased with Canada (45.8% to $3.5 billion) and Korea (114% to $1.5 billion). The U.S. ran trade surpluses with Hong Kong ($4.3 billion, up 87.5%), Australia (unchanged at $1.4 billion), Singapore (up 33% to $1.3 billion) and Egypt (down 75% to $0.1 billion.)