Market Updates
U.S. Trade Deficit Expands Slightly In October
Brian Turner
06 Dec, 2023
New York City
The U.S. goods and services deficit rose in October from the previous month after exports edged lower and imports edged up slightly, the Bureau of Economic Analysis reported Wednesday.
Exports declined 1% to $258.8 billion, and imports rose 0.2% to $323.0 billion, resulting in an increase of 5.1% in the deficit to $64.3 billion.
The decline in exports was driven by the weakness in sales of diamonds and jewelry, pharmaceutical preparations, passenger vehicles, buses and accessories, and travel.
Meanwhile, sales rose for organic chemicals, financial services, and transport services.
Imports were driven by the increase in computers, drilling and oil field equipment services, and travel services, offset by a slight decline in passenger cars.
In the month, the goods deficit increased by $3.5 billion to $89.8 billion, and the services surplus rose by $0.4 billion to $25.5 billion.
The trade deficit in goods with China, not adjusted for seasonal factors, edged slightly lower to $25.5 billion in October from $28.5 billion in September and reached $235.7 billion in the year so far.
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