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U.S. Trade Deficit Up as Import Increase Outpaces Rise in Exports

Tuesday, November 07, 2017
Sandler, Travis & Rosenberg Trade Report

The U.S. monthly trade deficit in goods and services increased 1.6 percent in September to $23.5 billion. Exports were up 1.1 percent to $196.8 billion and imports were up 1.2 percent to $240.3 billion. For the year to date the U.S. trade deficit is up 9.3 percent over the same period in 2016 as imports (6.3 percent) have risen faster than exports (5.6 percent).

According to Commerce Department statistics, the deficit in goods trade gained 0.9 percent to $65.4 billion in September. Imports of goods were up 1.3 percent to $196.0 billion, including increases of $700 million in other petroleum products, $500 million in semiconductors, and $300 million in civilian aircraft along with a $500 million decline in passenger cars. Exports of goods were up 1.4 percent to $130.6 billion, including increases of $1.1 billion in crude oil, $800 million in other goods, and $300 million in non-monetary gold along with a $1.0 billion decline in pharmaceutical preparations.

The services surplus slipped 0.9 percent to $21.9 billion. Imports rose 0.9 percent to $44.3 billion and exports gained 0.5 percent to $66.2 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$29.9 billion

+0.7

   

European Union

$14.6 billion

+33.9

   

Japan

$5.9 billion

-6.3

   

Germany

$5.9 billion

+22.9

Mexico

$5.1 billion

0

   

Italy

$2.9 billion

+16.0

   

South Korea

$2.4 billion

+14.3

   

India

$2.3 billion

+43.8

   

Taiwan

$1.5 billion

0

   

France

$1.2 billion

+50.0

   

Hong Kong

$2.7 billion

+8.0

South/Central America

   

$2.2 billion

-18.5

Brazil

$0.8 billion

+100.0

Singapore

   

$0.7 billion

-12.5

United Kingdom

   

$0.7 billion

+16.7

Saudi Arabia

$0.6 billion

Change from $0.1 billion deficit

Canada

$0.1 billion

Change from $0.4 billion deficit

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