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With tariffs and trade wars front and center the US trade deficit has been a hot topic. In September the US had a $54 billion deficit up from $53.3 billion in August. The deficit with China was $40.24 billion and is a record high likely to fuel the tariff threats from the U.S. to China.

 US Trade Oct

Highlights  

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $54 billion in  August up $0.7 billion from $53.3 billion in July, revised.

  • Exports +1.5%, imports +1.5% Goods deficit $77.23B, '
  • Services surplus +23.21B
  • Exports $212.57B vs $209.45B in Aug
  • Imports$266.58B vs $262.75B in Aug (record high in imports)

Exports

  • September exports were $212.6 billion, $3.1 billion more than August exports.
  • September imports were $266.6 billion, $3.8 billion more than August imports.

The September increase in the goods and services deficit reflected an increase in the goods deficit of $0.6 billion to $77.2 billion and a decrease in the services surplus of $0.1 billion to $23.2 billion.

Year-to-date, the goods and services deficit increased $40.7 billion, or 10.1 percent, from the same period in 2017. Exports increased $143.8 billion or 8.2 percent. Imports increased $184.5 billion or 8.6 percent.

Exports of goods increased $2.9 billion to $141.9 billion in September. Exports of goods on a Census basis increased $2.8 billion.

  • Industrial supplies and materials increased $2.8 billion.
  • Other petroleum products increased $1.1 billion.
  • Nonmonetary gold increased $1.0 billion.
  • Capital goods increased $1.1 billion.
  • Civilian aircraft increased $1.2 billion.
  • Foods, feeds, and beverages decreased $1.0 billion.
  • Soybeans decreased $0.7 billion.
  • Net balance of payments adjustments increased $0.1 billion.
  • Exports of services increased $0.3 billion to $70.7 billion in September.
  • Transport increased $0.2 billion.

 Imports

Imports of goods increased $3.5 billion to $219.1 billion in September. Imports of goods on a Census basis increased $3.7 billion.

  • Capital goods increased $2.4 billion.
  • Telecommunications equipment increased $0.5 billion.
  • Civilian aircraft engines increased $0.5 billion.
  • Computer accessories increased $0.4 billion.
  • Computers increased $0.4 billion.
  • Consumer goods increased $2.0 billion.
  • Other textile apparel and household goods increased $0.5 billion.
  • Toys, games, and sporting goods increased $0.4 billion.
  • Cell phones and other household goods increased $0.3 billion.
  • Automotive vehicles, parts, and engines decreased $0.6 billion.
  • Trucks, buses, and special purpose vehicles decreased $0.6 billion.
  • Net balance of payments adjustments decreased $0.2 billion. Imports of services increased $0.4 billion to $47.5 billion in September. Transport increased $0.4 billion. Real Goods in 2012 Dollars – Census Basis (exhibit 11)
  • The real goods deficit increased $0.8 billion to $87.0 billion in September.
  • Real exports of goods increased $3.1 billion to $151.0 billion.
  • Real imports of goods increased $3.9 billion to $238.1 billion.

 Goods by Selected Countries and Areas: Monthly – Census Basis

The September figures show surpluses, in billions of dollars, with South and Central America ($3.2), Hong Kong ($2.4), Brazil ($0.6), and Singapore ($0.1). Deficits were recorded, in billions of dollars, with China ($37.4), European Union ($14.2), Mexico ($7.6), Germany ($5.2), Japan ($4.9), Italy ($2.3), OPEC ($2.3), Canada ($2.2), South Korea ($2.0), India ($1.7), Saudi Arabia ($1.5), France ($1.5), Taiwan ($0.9), and United Kingdom ($0.2).

The deficit with China increased $3.0 billion to $37.4 billion in September. Exports increased $0.4 billion to $10.2 billion and imports increased $3.5 billion to $47.7 billion.

The deficit with members of OPEC increased $1.3 billion to $2.3 billion in September. Exports decreased $0.6 billion to $4.6 billion and imports increased $0.8 billion to $6.9 billion.

The deficit with Mexico decreased $1.1 billion to $7.6 billion in September. Exports increased $1.1 billion to $22.5 billion and imports decreased less than $0.1 billion to $30.1 billion.

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in Exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s Web site at www.bea.gov/news/schedule.

Source: bea

 From The Traders Community News Desk

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