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Trade Deficit Plummets as Balances with China, Korea, France, Taiwan, Canada Improve

Monday, November 07, 2016
Sandler, Travis & Rosenberg Trade Report

Trade statistics released Nov. 4 by the Department of Commerce show that the U.S. monthly trade deficit in goods and services fell 10.1 percent in September, the second drop in three months. Exports were up 0.5 percent to $189.2 billion while imports slipped 1.3 percent to $225.6 billion. For the year to date the deficit is down 2.5 percent from 2015 due to a 3.3 percent decline in imports offsetting a 3.5 percent decrease in exports.

The goods deficit fell 4.3 percent to $57.5 billion in September. Imports of goods were down 1.1 percent to $183.7 billion, including decreases of $1.1 billion in passenger cars, $700 million in pharmaceutical preparations, and $500 million in civilian aircraft. Exports of goods were up 0.5 percent to $126.1 billion, including increases of $1.4 billion in civilian aircraft and $1.0 billion in artwork, antiques, stamps, and other collectibles.

The services surplus jumped 7.1 percent to $21.1 billion a month after a 5.8 percent decline. Imports were down 2.3 percent to $42.0 billion and exports rose 0.6 percent to $63.1 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$26.9 billion

-7.9

   

European Union

$11.7 billion

-0.1

   

Japan

$5.4 billion

-5.3

Germany

$5.3 billion

Unchanged

Mexico

$4.8 billion

-7.7

 

Italy

$2.8 billion

+16.7

   

India

$2.2 billion

+15.8

South Korea

$1.4 billion

-44.0

   

France

$0.8 billion

-60.0

Taiwan

$0.5 billion

-66.7

Canada

$0.4 billion

-63.6

   

Saudi Arabia

$0.1 billion

Shift from $0.8 billion surplus

Hong Kong

   

$2.5 billion

+4.2

South/Central America

   

$1.8 billion

+5.9

United Kingdom

$0.9 billion

+125.0

Singapore

$0.7 billion

Unchanged

Brazil

   

$0.3 billion

+50.0

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