The deficit increased from $70.8 billion in August (revised) to $84.4 billion in September, as exports decreased and imports increased.
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News Release
U.S. International Trade in Goods and Services, September 2024
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $84.4 billion in September, up $13.6 billion from $70.8 billion in August, revised.
| Deficit: | $84.4 Billion | +19.2%° |
| Exports: | $267.9 Billion | –1.2%° |
| Imports: | $352.3 Billion | +3.0%° |
Next release: Tuesday, December 5, 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, November 5, 2024 | ||
Exports, Imports, and Balance (exhibit 1)
September exports were $267.9 billion, $3.2 billion less than August exports. September imports were $352.3 billion, $10.3 billion more than August imports.
The September increase in the goods and services deficit reflected an increase in the goods deficit of $14.2 billion to $109.0 billion and an increase in the services surplus of $0.6 billion to $24.6 billion.
Year-to-date, the goods and services deficit increased $69.6 billion, or 11.8 percent, from the same period in 2023. Exports increased $84.7 billion or 3.7 percent. Imports increased $154.4 billion or 5.3 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $3.8 billion to $78.0 billion for the three months ending in September.
- Average exports increased $0.9 billion to $268.5 billion in September.
- Average imports increased $4.7 billion to $346.6 billion in September.
Year-over-year, the average goods and services deficit increased $15.9 billion from the three months ending in September 2023.
- Average exports increased $10.5 billion from September 2023.
- Average imports increased $26.4 billion from September 2023.
Exports (exhibits 3, 6, and 7)
Exports of goods decreased $3.2 billion to $176.0 billion in September.
Exports of goods on a Census basis decreased $3.5 billion.
- Capital goods decreased $1.9 billion.
- Civilian aircraft decreased $1.7 billion.
- Consumer goods decreased $1.4 billion.
- Pharmaceutical preparations decreased $2.0 billion.
- Industrial supplies and materials decreased $1.4 billion.
- Crude oil decreased $1.3 billion.
- Other petroleum products decreased $0.5 billion.
Net balance of payments adjustments increased $0.3 billion.
Exports of services decreased less than $0.1 billion to $91.9 billion in September.
- Maintenance and repair services decreased $0.2 billion.
- Government goods and services increased $0.1 billion.
- Transport increased $0.1 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods increased $10.9 billion to $285.0 billion in September.
Imports of goods on a Census basis increased $11.0 billion.
- Consumer goods increased $4.0 billion.
- Pharmaceutical preparations increased $1.9 billion.
- Capital goods increased $2.8 billion.
- Computers increased $1.0 billion.
- Semiconductors increased $0.8 billion.
- Industrial supplies and materials increased $2.2 billion.
- Nonmonetary gold increased $0.7 billion.
- Finished metal shapes increased $0.6 billion.
- Automotive vehicles, parts, and engines increased $1.2 billion.
- Passenger cars increased $0.9 billion.
Net balance of payments adjustments decreased less than $0.1 billion.
Imports of services decreased $0.6 billion to $67.3 billion in September.
- Charges for the use of intellectual property decreased $0.8 billion.
- Travel decreased $0.2 billion.
- Transport increased $0.3 billion.
Real Goods in 2017 Dollars – Census Basis (exhibit 11)
The real goods deficit increased $11.6 billion, or 13.1 percent, to $100.1 billion in September, compared to a 15.3 percent increase in the nominal deficit.
- Real exports of goods decreased $1.8 billion, or 1.2 percent, to $148.2 billion, compared to a 2.0 percent decrease in nominal exports.
- Real imports of goods increased $9.8 billion, or 4.1 percent, to $248.3 billion, compared to a 4.0 percent increase in nominal imports.
Revisions
Revisions to August exports
- Exports of goods were revised down $0.2 billion.
- Exports of services were revised down $0.4 billion.
Revisions to August imports
- Imports of goods were revised down $0.2 billion.
- Imports of services were revised up less than $0.1 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The September figures show surpluses, in billions of dollars, with South and Central America ($3.5), Netherlands ($3.2), Hong Kong ($2.2), United Kingdom ($1.4), Australia ($1.4), Singapore ($1.3), Brazil ($1.1), and Belgium ($0.3). Deficits were recorded, in billions of dollars, with China ($26.9), European Union ($23.8), Mexico ($16.0), Vietnam ($12.2), Ireland ($9.3), Taiwan ($7.0), Germany ($7.0), Canada ($5.7), South Korea ($5.7), Japan ($5.3), India ($3.4), Italy ($3.4), Switzerland ($2.3), Malaysia ($2.1), France ($1.1), Israel ($0.8), and Saudi Arabia ($0.2).
- The deficit with the European Union increased $4.7 billion to $23.8 billion in September. Exports decreased $2.1 billion to $30.6 billion and imports increased $2.6 billion to $54.4 billion.
- The deficit with Vietnam increased $2.5 billion to $12.2 billion in September. Exports increased $0.1 billion to $1.1 billion and imports increased $2.6 billion to $13.3 billion.
- The surplus with the United Kingdom increased $1.1 billion to $1.4 billion in September. Exports increased $0.6 billion to $7.1 billion and imports decreased $0.5 billion to $5.7 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.
Next release: December 5, 2024, at 8:30 a.m. EST
U.S. International Trade in Goods and Services, October 2024
Discontinuation of BEA’s “Release Highlights”
With the release of “U.S. International Trade in Goods and Services, November 2024” on January 7, 2025, BEA will discontinue the “Release Highlights” document that has accompanied each news release as part of the release’s “Related Materials.” Information in this document will continue to be available in the release and on BEA’s website.
If you have questions or need additional information, please contact BEA, Balance of Payments Division, at InternationalAccounts@bea.gov.
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