Background

The monthly U.S. trade deficit in goods and services rose 4.9 percent in September, interrupting a recent downward trend, as exports and imports both increased. For the year to date the total U.S. trade deficit is down 20.0 percent from the same period in 2022, with exports up 1.0 percent and imports down 4.2 percent.

Imports gained 2.7 percent, to $322.7 billion, from August to September. Imports of goods were up 2.7 percent to $263.0 billion, with increases of $1.8 billion for cell phones and other household goods, $1.7 billion for passenger cars, and $1.4 billion for crude oil. Services imports gained 2.6 percent to $59.6 billion.

Exports rose 2.2 percent in September to $261.1 billion. Exports of goods were up 3.1 percent to $176.7 billion, with increases of $600 million each for soybeans and other petroleum products and $400 million each for crude oil and corn. Services exports edged up 0.4 percent to $84.4 billion.

With exports and imports both up, the monthly U.S. trade deficit increased from $58.7 billion in August to $61.5 billion in September. The deficit in goods trade was up 2.0 percent to $86.3 billion while the services trade surplus fell 4.6 percent to $24.8 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$24.1 billion

+6.2

 

 

European Union

$16.8 billion

-5.6

 

 

Mexico

$12.2 billion

-4.7

 

 

Vietnam

$9.4 billion

+15.6

 

 

Japan

$6.9 billion

+38.0

 

 

Germany

$6.3 billion

-4.5

 

 

Ireland

$6.2 billion

+8.8

 

 

Canada

$5.9 billion

+9.3

 

 

Taiwan

$5.0 billion

+19.0

 

 

South Korea

$4.5 billion

+9.8

 

 

India

$3.9 billion

+39.3

 

 

Italy

$2.9 billion

-12.1

 

 

Switzerland

$2.1 billion

+40.0

 

 

Malaysia

$1.9 billion

+18.8

 

 

France

$0.9 billion

-60.9

 

 

Israel

$0.6 billion

0

 

 

Brazil

$0.3 billion

Shift from $0.4 billion surplus

 

 

South/Central America

 

 

$4.8 billion

+2.1

Netherlands

 

 

$3.2 billion

+6.7

Hong Kong

 

 

$2.7 billion

+35.0

Australia

 

 

$1.6 billion

-5.9

Belgium

 

 

$1.2 billion

+71.4

Singapore

 

 

$0.7 billion

Shift from $1.0 billion deficit

United Kingdom

 

 

$0.5 billion

+25.0

Saudi Arabia

 

 

$0.2 billion

Shift from $0.1 billion deficit

 

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