The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $55.5 billion in October, up $0.9 billion from $54.6 billion in September, revised.

Exports, Imports, and Balance

October exports were $211.0 billion, $0.3 billion less than September exports. October imports were $266.5 billion, $0.6 billion more than September imports.

The October increase in the goods and services deficit reflected an increase in the goods deficit of $0.9 billion to $78.1 billion and a decrease in the services surplus of $0.1 billion to $22.6 billion.

Year-to-date, the goods and services deficit increased $51.3 billion, or 11.4 percent, from the same period in 2017. Exports increased $149.3 billion or 7.7 percent. Imports increased $200.6 billion or 8.4 percent.



Three-Month Moving Averages

The average goods and services deficit increased $1.7 billion to $54.6 billion for the three months ending in October.

  • Average exports increased $0.4 billion to $210.2 billion in October.
  • Average imports increased $2.1 billion to $264.8 billion in October.

Year-over-year, the average goods and services deficit increased $9.4 billion from the three months ending in October 2017.

  • Average exports increased $12.7 billion from October 2017.
  • Average imports increased $22.1 billion from October 2017.

Exports

Exports of goods decreased $0.4 billion to $141.5 billion in October.

Exports of goods on a Census basis decreased $0.4 billion.

  • Foods, feeds, and beverages decreased $0.7 billion.
  • Soybeans decreased $0.8 billion.

Capital goods decreased $0.5 billion.

  • Civilian aircraft engines decreased $0.3 billion.
  • Civilian aircraft decreased $0.3 billion.

Other goods increased $0.5 billion.

Industrial supplies and materials increased $0.3 billion.

Net balance of payments adjustments increased less than $0.1 billion.

Exports of services increased $0.1 billion to $69.6 billion in October.

  • Financial services increased $0.1 billion.
  • Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.
  • Transport decreased $0.1 billion.

Imports

Imports of goods increased $0.5 billion to $219.6 billion in October.

Imports of goods on a Census basis increased $0.3 billion.

Consumer goods increased $2.0 billion.

  • Pharmaceutical preparations increased $1.5 billion.

Other goods increased $0.8 billion.

Automotive vehicles, parts, and engines increased $0.7 billion.

Capital goods decreased $3.2 billion.

  • Telecommunications equipment decreased $1.0 billion.
  • Computer accessories decreased $0.8 billion.
  • Computers decreased $0.7 billion.

Net balance of payments adjustments increased $0.2 billion.

Imports of services increased $0.2 billion to $46.9 billion in October.

Travel (for all purposes including education) increased $0.2 billion.

Real Goods in 2012 Dollars – Census Basis

The real goods deficit increased $0.6 billion to $87.9 billion in October.

  • Real exports of goods decreased $1.2 billion to $149.6 billion.
  • Real imports of goods decreased $0.5 billion to $237.5 billion.

Revisions

Exports and imports of goods and services were revised for April through September 2018 to incorporate more comprehensive and updated quarterly and monthly data.

Revisions to September exports

  • Exports of goods were revised up less than $0.1 billion.
  • Exports of services were revised down $1.2 billion.

Revisions to September imports

  • Imports of goods were revised up less than $0.1 billion.
  • Imports of services were revised down $0.7 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis

The October figures show surpluses, in billions of dollars, with South and Central America ($3.7), Hong Kong ($2.4), Brazil ($0.7), and Singapore ($0.6). Deficits were recorded, in billions of dollars, with China ($38.2), European Union ($15.1), Mexico ($6.4), Germany ($5.8), Japan ($5.5), Italy ($2.7), OPEC ($2.3), Canada ($2.0), India ($2.0), Saudi Arabia ($1.8), South Korea ($1.8), Taiwan ($1.2), France ($1.1), and United Kingdom (less than $0.1).

  • The deficit with the European Union increased $0.9 billion to $15.1 billion in October. Exports decreased $0.9 billion to $26.3 billion and imports decreased less than $0.1 billion to $41.3 billion.
  • The deficit with China increased $0.7 billion to $38.2 billion in October. Exports decreased $2.6 billion to $7.6 billion and imports decreased $1.9 billion to $45.7 billion.
  • The deficit with Mexico decreased $1.2 billion to $6.4 billion in October. Exports decreased $0.1 billion to $22.4 billion and imports decreased $1.3 billion to $28.8 billion.

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis

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 ($20.6), Hong Kong ($7.7), Brazil ($7.1), Singapore ($4.2), and United Kingdom ($3.7). Deficits were recorded, in billions of dollars, with China ($95.9), European Union ($30.2), Mexico ($21.6), Germany ($16.3), Japan ($13.4), Italy ($8.8), India ($5.7), France ($3.8), Canada ($2.7), South Korea ($2.2), Taiwan ($2.0), Saudi Arabia ($2.0), and OPEC ($0.9).

  • The deficit with China increased $10.3 billion to $95.9 billion in the third quarter. Exports decreased $3.1 billion to $46.0 billion and imports increased $7.2 billion to $141.9 billion.
  • The deficit with the European Union increased $6.3 billion to $30.2 billion in the third quarter. Exports decreased $2.0 billion to $143.2 billion and imports increased $4.2 billion to $173.4 billion.
  • The deficit with Japan decreased $1.9 billion to $13.4 billion in the third quarter. Exports increased $0.5 billion to $30.4 billion and imports decreased $1.5 billion to $43.7 billion.