US Trade Deficit Increased in September

The US Census Bureau, announced today that the US trade deficit in goods and services increased to $43.5 billion in September from $42.8 billion in August, as imports increased more than exports. Both US exports and imports rose during September, but imports rose at a faster pace. US exports increased to $196.8 billion, $2.1 billion more than August exports. Imports increased to $240.3 billion in September from $237.5 billion in August. The deficit for the first 9 months of the year totaled $405.2 billion, compared to $370.7 billion during the same period in 2016.

Crude oil imports by volume fell to their lowest level since October 2015 at 206.8 million barrels. US exports to Britain were the highest on record at $5.5 billion. Imports of goods from China slipped 0.8 percent, exports to China fell 1.1 percent. As a result, the politically sensitive US-China trade deficit fell 0.7 percent to $34.6 billion in September. The gap with Mexico dropped 7.7 percent to $5.7 billion. Economists polled by Reuters, had forecast the trade shortfall rising to $43.2 billion in September. Trade contributed 0.41 percentage point to economic growth in the third quarter, the most since the final three months of 2013.

Goods and Services

Exports of goods and services ($196.8 billion) were the highest since December 2014 ($197.2 billion).

September exports of goods ($130.6 billion) were the highest since December 2014 ($134.2 billion).

September exports of services ($66.2 billion) were the highest on record.

Imports increased to $240.3 billion in September from $237.5 billion in August.

Goods were $196.0 billion in September, up from $193.6 billion in August.

September imports of services ($44.3 billion) were the highest on record.

For goods, the deficit was $65.4 billion in September, up from $64.8 billion in August.

For services, the surplus was $21.9 billion in September, down from $22.0 billion in August.

The September figures show surpluses, with Hong Kong ($2.7 billion), South and Central America ($2.2 billion), Brazil ($0.8 billion), United Kingdom ($0.7 billion), Singapore ($0.7 billion), OPEC ($0.6 billion), Saudi Arabia ($0.6 billion), and Canada ($0.1 billion). Deficits were recorded, with China ($29.9 billion), European Union ($14.6 billion), Germany ($5.9 billion), Japan ($5.9 billion), Mexico ($5.1 billion), Italy ($2.9 billion), South Korea ($2.4 billion), India ($2.3 billion), Taiwan ($1.5 billion), and France ($1.2 billion).

The balance with members of OPEC shifted from a deficit of $0.8 billion to a surplus of $0.6 billion in September. Exports increased $1.0 billion to $5.2 billion and imports decreased $0.4 billion to $4.6 billion.

The deficit with India increased $0.7 billion to $2.3 billion in September. Exports decreased $0.3 billion to $2.1 billion and imports increased $0.4 billion to $4.4 billion.

The deficit with Germany increased $1.1 billion to $5.9 billion in September. Exports increased less than $0.1 billion to $4.5 billion and imports increased $1.1 billion to $10.4 billion.

Latest U.S. International Trade in Goods and Services report is available at bea.gov