Market Updates
U.S. International Trade Deficit Widened In October
Brian Turner
07 Nov, 2023
New York City
The U.S. trade deficit in goods and services widened to $61.5 billion in September, following an upwardly revised $58.7 billion gap in August, the Bureau of Economic Analysis reported Tuesday.
The September increase in the goods and services deficit reflected an increase in the goods deficit of $1.7 billion to $86.3 billion and a decrease in the services surplus of $1.2 billion to $24.8 billion.
Imports increased 2.7% from a year ago to $322.7 billion, and exports rose at a slower 2.2% pace to $261.1 billion.
Exports in September rose to the highest level since August 2022, driven by crude oil, soybeans, corn, travel, and transport services.
Imports advanced on the rising demand for cell phones, civilian aircraft parts and machinery, passenger cars, and computer accessories.
The deficit with Japan increased $1.9 billion to $6.9 billion in September, after exports increased by $0.2 billion to $6.7 billion and imports rose by $2.1 billion to $13.6 billion.
The goods deficit with China totaled $24.1 billion, followed by the European Union with $16.8 billion, Mexico with $12.2 billion, Vietnam with $9.4 billion, and Japan with $6.9 billion.
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