Imports Soar, Exports Plummet as Trade Deficit Worsens

The monthly U.S. trade deficit in goods and services soared nearly 20 percent in September as imports jumped and exports fell. According to the Census Bureau, September saw all-time hights for U.S. imports of foods and capital goods as well as individual trade deficits with Mexico, Ireland, and Vietnam.

Imports were up 3.0 percent, to $352.3 billion, from August to September. Imports of goods gained 4.0 percent to $285.0 billion, with increases of $1.9 billion for drugs, $1.2 billion for automotive vehicles, parts, and engines, and $1.0 billion for computers. Services imports slipped 0.1 percent to $67.3 billion.

Exports fell 1.2 percent in September to $267.9 billion. Exports of goods declined 1.8 percent to $176.0 billion, with decreases of $2.0 billion for drugs, $1.7 billion for civilian aircraft, and $1.3 billion for crude oil. Services exports were virtually unchanged at $91.9 billion.

The monthly U.S. trade deficit rose from $70.8 billion in August to $84.4 billion in September. The deficit in goods trade was up 15.0 percent to $109.0 billion while the services trade surplus gained 2.5 percent to $24.6 billion.