The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $64.3 billion in October, up $3.1 billion from $61.2 billion in September, revised.
U.S. International Trade in Goods and Services Deficit| Deficit: | $64.3 Billion | +5.1%° |
| Exports: | $258.8 Billion | –1.0%° |
| Imports: | $323.0 Billion | +0.2%° |
Next release: Tuesday, January 9, 2024 (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, December 6, 2023 |
Exports, Imports, and Balance (exhibit 1)
October exports were $258.8 billion, $2.6 billion less than September exports. October imports were $323.0 billion, $0.5 billion more than September imports.
The October increase in the goods and services deficit reflected an increase in the goods deficit of $3.5 billion to $89.8 billion and an increase in the services surplus of $0.4 billion to $25.5 billion.
Year-to-date, the goods and services deficit decreased $161.4 billion, or 19.8 percent, from the same period in 2022. Exports increased $28.0 billion or 1.1 percent. Imports decreased $133.4 billion or 4.0 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit decreased $0.2 billion to $61.3 billion for the three months ending in October.
- Average exports increased $2.4 billion to $258.6 billion in October.
- Average imports increased $2.1 billion to $319.9 billion in October.
Year-over-year, the average goods and services deficit decreased $11.1 billion from the three months ending in October 2022.
- Average exports decreased $0.4 billion from October 2022.
- Average imports decreased $11.5 billion from October 2022.
Exports (exhibits 3, 6, and 7)
Exports of goods decreased $3.2 billion to $173.5 billion in October.
Exports of goods on a Census basis decreased $2.5 billion.
- Consumer goods decreased $2.1 billion.
- Gem diamonds decreased $0.8 billion.
- Pharmaceutical preparations decreased $0.6 billion.
- Jewelry decreased $0.4 billion.
- Automotive vehicles, parts, and engines decreased $0.9 billion.
- Passenger cars decreased $0.4 billion.
- Other automotive parts and accessories decreased $0.3 billion.
- Trucks, buses, and special purpose vehicles decreased $0.3 billion.
- Industrial supplies and materials increased $1.2 billion.
- Organic chemicals increased $0.5 billion.
- Nonmonetary gold increased $0.5 billion.
Net balance of payments adjustments decreased $0.7 billion.
Exports of services increased $0.6 billion to $85.3 billion in October.
- Transport increased $0.2 billion.
- Financial services increased $0.2 billion.
- Other business services increased $0.2 billion.
- Travel decreased $0.1 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods increased $0.3 billion to $263.3 billion in October.
Imports of goods on a Census basis increased $0.2 billion.
- Capital goods increased $1.8 billion.
- Computers increased $0.7 billion.
- Drilling and oilfield equipment increased $0.6 billion.
- Automotive vehicles, parts, and engines decreased $1.0 billion.
- Passenger cars decreased $0.9 billion.
Net balance of payments adjustments increased less than $0.1 billion.
Imports of services increased $0.2 billion to $59.8 billion in October.
- Travel increased $0.2 billion.
Real Goods in 2017 Dollars – Census Basis (exhibit 11)
The real goods deficit increased $0.7 billion, or 0.9 percent, to $87.0 billion in October, compared to a 3.2 percent increase in the nominal deficit.
- Real exports of goods decreased $0.4 billion, or 0.2 percent, to $144.2 billion, compared to a 1.4 percent decrease in nominal exports.
- Real imports of goods increased $0.4 billion, or 0.2 percent, to $231.2 billion, compared to a 0.1 percent increase in nominal imports.
Revisions
Exports and imports of goods and services were revised for April through September 2023 to incorporate more comprehensive and updated quarterly and monthly data.
Revisions to September exports
- Exports of goods were revised down less than $0.1 billion.
- Exports of services were revised up $0.3 billion.
Revisions to September imports
- Imports of goods were revised down less than $0.1 billion.
- Imports of services were revised down $0.1 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The October figures show surpluses, in billions of dollars, with Netherlands ($3.8), South and Central America ($3.7), Hong Kong ($1.9), Australia ($1.3), Belgium ($0.8), Brazil ($0.4), Singapore ($0.2), and United Kingdom ($0.2). Deficits were recorded, in billions of dollars, with China ($23.9), European Union ($19.2), Mexico ($11.9), Vietnam ($9.3), Germany ($7.5), Canada ($7.3), Japan ($6.6), Ireland ($5.8), Taiwan ($5.1), Italy ($4.0), South Korea ($3.7), India ($3.4), Malaysia ($2.0), France ($0.9), Israel ($0.6), Switzerland ($0.3), and Saudi Arabia ($0.2).
- The deficit with the European Union increased $2.4 billion to $19.2 billion in October. Exports decreased $0.6 billion to $29.4 billion and imports increased $1.8 billion to $48.6 billion.
- The deficit with Canada increased $1.2 billion to $7.3 billion in October. Exports decreased $0.3 billion to $29.3 billion and imports increased $0.9 billion to $36.5 billion.
- The deficit with Switzerland decreased $1.8 billion to $0.3 billion in October. Exports increased $1.8 billion to $3.9 billion and imports decreased less than $0.1 billion to $4.2 billion.
Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis (exhibit 20)
Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, third-quarter figures are now available.
The third-quarter figures show surpluses, in billions of dollars, with South and Central America ($21.8), Netherlands ($14.6), Australia ($8.3), Singapore ($6.8), Hong Kong ($6.6), Brazil ($4.8), Belgium ($3.3), United Kingdom ($3.1), Saudi Arabia ($2.0), and Switzerland ($1.6). Deficits were recorded, in billions of dollars, with China ($63.8), Mexico ($39.1), European Union ($26.5), Vietnam ($26.2), Germany ($20.5), Japan ($14.9), Taiwan ($12.8), South Korea ($11.5), India ($11.5), Italy ($10.9), Canada ($10.0), Malaysia ($5.5), France ($4.2), Ireland ($4.1), and Israel ($2.2).
- The balance with Switzerland shifted from a deficit of $2.3 billion in the second quarter to a surplus of $1.6 billion in the third quarter. Exports decreased $0.1 billion to $20.2 billion and imports decreased $3.9 billion to $18.6 billion.
- The deficit with the European Union decreased $3.6 billion to $26.5 billion in the third quarter. Exports increased $7.9 billion to $163.1 billion and imports increased $4.3 billion to $189.6 billion.
- The deficit with Ireland increased $2.3 billion to $4.1 billion in the third quarter. Exports decreased $1.5 billion to $24.3 billion and imports increased $0.8 billion to $28.4 billion.
All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.
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