Background

The monthly U.S. trade deficit in goods and services rose for the first time in six months in September as exports fell but imports rebounded.

According to statistics from the Department of Commerce, imports rose 1.5 percent from August to September, to $331.3 billion. Imports of goods were up 1.1 percent to $272.9 billion, with increases of $1.4 billion for cell phones and other household goods, $1.4 billion for pharmaceutical preparations, and $1.1 billion for semiconductors along with decreases of $800 million for fuel oil and $500 million for crude oil. Imports of services rose 3.4 percent to $58.4 billion. For the year-to-date, total imports were up 20.2 percent from September 2021.

Exports fell 1.1 percent in September to $258.0 billion. Exports of goods were down 2.0 percent, with decreases of $1.7 billion for soybeans, $1.0 billion for crude oil, and $800 million for non-monetary gold along with increases of $600 million for telecommunications equipment and $400 million for semiconductors. Services exports were up 1.2 percent to $77.8 billion. For the year-to-date, total exports were up 20.2 percent from a year earlier.

With exports down but imports up, the monthly U.S. trade deficit jumped 11.6 percent in September to $73.3 billion. The deficit in goods trade rose 7.7 percent to $92.7 billion and the services trade surplus fell 4.9 percent to $19.5 billion. For the year-to-date, the overall trade deficit was up 20.2 percent from September 2021.

Country/region

Deficit

% Change

Surplus

% Change

China

$32.1 billion

-4.2

 

 

European Union

$16.0 billion

+18.5

 

 

Mexico

$11.9 billion

+21.4

 

 

Vietnam

$10.1 billion

+5.2

 

 

Germany

$7.1 billion

+42.0

 

 

Ireland

$5.5 billion

+5.8

 

 

Canada

$5.3 billion

-28.4

 

 

Japan

$5.2 billion

+44.4

 

 

South Korea

$4.2 billion

+35.5

 

 

Taiwan

$3.8 billion

-5.0

 

 

Italy

$3.6 billion

-10.0

 

 

Malaysia

$3.4 billion

+36.0

 

 

India

$2.5 billion

-19.4

 

 

Switzerland

$1.9 billion

+280

 

 

France

$0.8 billion

-11.1

 

 

Saudi Arabia

$0.8 billion

+33.3

 

 

Israel

$0.5 billion

-16.7

 

 

South/Central America

 

 

$6.9 billion

-2.8

Netherlands

 

 

$4.3 billion

+2.4

Singapore

 

 

$2.5 billion

+47.1

Hong Kong

 

 

$1.8 billion

-21.7

Australia

 

 

$1.6 billion

+45.5

United Kingdom

 

 

$1.3 billion

+8.3

Brazil

 

 

$1.2 billion

+20.0

Belgium

 

 

$0.3 billion

-40.0

 

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