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December 17, 2021

US trade deficit falls by more than 17% in October 2021

The US trade deficit in goods and services tumbled by 17.6% in October, reflecting a decline in the goods deficit of US$14bn and an increase in the services surplus of $0.3bn.

By Beth Wright

The deficit amounted to $67.1bn in October 2021, down $14.3bn from $81.4bn in September, revised, according to trade statistics released by the Department of Commerce.

October exports were $223.6bn – $16.8bn more than September exports – while imports were $290.7bn, $2.5bn more than those in September.

Year-to-date, the goods and services deficit increased $161.7bn, or 29.7%, from the same period in 2020. Exports rose $315.1bn or 17.9%, while imports were up $476.8bn or 20.7%.
The October decrease in the goods and services deficit reflected a decrease in the goods deficit of $14bn to $83.9bn and an increase in the services surplus of $0.3bn to $16.8bn.
The largest deficit was recorded with China at $28.3bn, followed by the European Union at $16.6bn, and Mexico at $9.7bn. Deficits were also recorded with Germany ($5.7bn), Taiwan ($4.3bn), Japan ($3.6bn), Italy ($3.4bn), Canada ($3.3bn), India ($3.1bn), South Korea ($2.7bn), France ($1.4bn), and Saudi Arabia ($0.1bn).

Surpluses for the month of October, meanwhile, were recorded with South and Central America ($4.5bn), Hong Kong ($2.6bn), Brazil ($1.3bn), United Kingdom ($1bn), and Singapore ($0.5bn).

Prior to the revision, the US international trade deficit in goods and services was reported as $80.9bn in September.

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