Background

The monthly U.S. trade deficit in goods and services increased for the second straight month in October after six months of declines.

According to statistics from the Department of Commerce, imports rose 0.7 percent from September to October, to $334.8 billion. Imports of goods were up 0.9 percent to $275.6 billion, with increases of $2.7 billion for pharmaceutical preparations, $700 million for passenger cars, and $400 million in fuel oil along with decreases of $2.0 billion for cell phones and other household goods and $1.0 billion for toys, games, and other sporting goods. Imports of services slipped 0.3 percent to $59.2 billion. For the year-to-date, total imports were up 19.8 percent from October 2021.

Exports fell 0.7 percent in October to $256.6 billion. Exports of goods were down 2.1 percent, with decreases of $2.2 billion for pharmaceutical preparations, $1.6 billion for crude oil, and $1.6 billion for soybeans. Services exports were up 2.3 percent to $80.6 billion. For the year-to-date, total exports were up 19.8 percent from a year earlier.

With exports down but imports up, the monthly U.S. trade deficit rose 5.4 percent in October to $78.2 billion. The deficit in goods trade rose 6.5 percent to $99.6 billion and the services trade surplus increased 10.9 percent to $21.4 billion. For the year-to-date, the overall trade deficit was up 19.9 percent from October 2021.

Country/region

Deficit

% Change

Surplus

% Change

China

$26.1 billion

-18.7

 

 

European Union

$23.1 billion

+44.4

 

 

Mexico

$11.6 billion

-2.5

 

 

Vietnam

$9.4 billion

-6.9

 

 

Germany

$8.1 billion

+14.1

 

 

Ireland

$6.7 billion

+21.8

 

 

Japan

$6.4 billion

+23.1

 

 

Canada

$4.8 billion

-9.4

 

 

Taiwan

$4.0 billion

+5.3

 

 

Italy

$4.0 billion

+11.1

 

 

Malaysia

$3.1 billion

-8.8

 

 

South Korea

$3.0 billion

-28.6

 

 

India

$2.8 billion

+12.0

 

 

France

$1.6 billion

+100

 

 

Saudi Arabia

$1.0 billion

+25.0

 

 

Israel

$0.7 billion

+40.0

 

 

Switzerland

$0.5 billion

-73.7

 

 

Belgium

$0.3 billion

Switch from $0.3 billion surplus

 

 

South/Central America

 

 

$5.0 billion

-27.5

Netherlands

 

 

$4.1 billion

-4.7

Hong Kong

 

 

$1.5 billion

-16.7

United Kingdom

 

 

$1.1 billion

-15.4

Australia

 

 

$1.0 billion

-62.5

Singapore

 

 

$0.7 billion

-72.0

Brazil

 

 

$0.5 billion

-58.3

 

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