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With tariffs and trade wars front and center and the Huawei scandal the US trade deficit for October, the largest since 2008 in in focus. The US had a $55.5 billion deficit up from $54 billion in September with recor imports. The deficit with China was $43.18 billion and is a record high.

US Trade Nov 

Highlights  

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 $1.5 billion from $54.0 billion in July, revised.

  • Exports -.1%, imports +,2% Goods deficit $78.11B
  • Services surplus +22.62 down from +23.21B
  • Exports $211.00B vs $211.30B in Sep
  • Imports $266.5B vs $265.9B in Sep (record high in imports)
  • US-China October deficit $43.1B vs $40.24B prior
  • US- OPEC deficit $2.45B vs $1.98B prior

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.

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.

Source: bea

 From The Traders Community News Desk

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