Trade Deficit Rises as Exports Slip, Imports Climb
Trade statistics released Nov. 14 by the Department of Commerce show that the monthly U.S. trade deficit climbed 8% in September to $41.8 billion. Monthly exports fell for the second straight month, down $0.4 billion to $188.9 billion, while total imports gained $2.7 billion to $230.7 billion. Compared to a year earlier, the September trade deficit was up $0.2 billion as exports rose 1.1% and imports gained 1.0%.
The monthly deficit in goods trade increased $3.0 billion in September to $61.3 billion. Exports of goods slipped $0.2 billion to $132.1 billion but imports rose $2.8 billion to $193.4 billion. The services surplus was down $0.1 billion to $19.5 billion as exports and imports both fell.
The bilateral trade deficit with China was back up, rising 2% to $30.5 billion. The U.S. also saw larger deficits with Germany (up 13.0% to $6.1 billion), Mexico (up 8.2% to $5.3 billion), Canada (up 33.3% to $3.2 billion), Korea (up 23.5% to $2.1 billion) and India (up 6.25% to $1.7 billion). Deficits were down with Japan (down 14.1% to $5.5 billion), Saudi Arabia (down 11.1% to $3.2 billion), Ireland (down 5.3% to $1.8 billion) and Venezuela (down 13.3% to $1.3 billion).
The September figures also show trade surpluses with Hong Kong (down 13.5% to $3.2 billion), Australia (up 7.1% to $1.5 billion), Singapore (up 18.2% to $1.3 billion) and Brazil (down 41.2% to $1.0 billion).