US Trade Deficit Decreases in October, Led by Increase in Exports
The U.S. trade deficit in goods and services decreased by 2.4 billion, to $40.6 billion, in October as compared to September. An improving global economy is increasing demand for U.S. goods and bodes well for U.S. domestic growth for the fourth quarter.
The trade deficit in goods decreased by $2.2 billion due to the increase in exports, and the services trade surplus increased by $0.1 billion. (Rounding difference of $0.1 billion)
From October 2012 to October 2013, the goods and services deficit decreased by $2.0 billion.
That is according to the 'U.S. International Trade In Goods And Services' report for October, issued by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce.
Total October exports of goods and services amounted to $192.7 billion while imports were $233.3 billion, resulting in the deficit of $40.6 billion. October exports were up $3.4 billion and imports up by $1.0 billion from September, resulting in the $2.4 billion decrease in the trade deficit month-over-month.
Goods: The October goods trade deficit decreased $2.2 billion from September to $60.2 billion. From September to October, exports of goods increased $3.0 billion and imports of goods increased $0.8 billion.
On the export of goods side, the largest items were increases in exports of industrial supplies and materials ($1.5 billion), consumer goods ($1.0 billion) and foods, feeds and beverages ($0.6 billion); which were offset by a small decrease in automotive vehicles, parts, and engines exports.
On the import of goods side, the September to October increase in imports of goods came mainly from increases in imports of industrial supplies and materials ($0.8 billion), consumer goods ($0.5 billion) and foods, feeds and fertilizers ($0.3 billion); which were offset by decreases in imports of automotive vehicles, parts, and engines ($1.0 billion) and capital goods ($0.3 billion).
From October 2012 to October 2013; the major changes were an increase in the exports of industrial supplies and materials; capital goods and automotive vehicles, parts, and engines; offset mainly by increases in imports of consumer goods; automotive vehicles, parts, and engines; and capital goods.
Services: The October services trade surplus increased by $0.1 billion from September to $19.6 billion. From September to October, exports of services increased $0.4 billion to $57.4 billion and imports of services increased $0.3 billion to $37.8 billion.
Changes in exports and imports of various categories of services were relatively small and mostly offsetting.
From October 2012 to October 2013, the largest change was an increase in the exports of travel and other private services.
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