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November 6, 2020

US trade deficit in goods falls by 4.7% in September

The US trade deficit in goods and services fell 4.7% in September from a month earlier, reflecting a decrease in the goods deficit of US$3.1bn and an increase in the services surplus of less than $0.1bn.

By Beth Wright

The US trade deficit in goods and services fell 4.7% in September from a month earlier, reflecting a decrease in the goods deficit of US$3.1bn and an increase in the services surplus of less than $0.1bn.

The deficit amounted to US$63.9bn in September, down $3.2bn from $67bn in August, revised. Exports were $176.4bn, $4.4bn more than August exports, while imports were $1.2bn more at $240.2bn, according to trade statistics released by the Department of Commerce.

Imports and exports both increased for the fourth straight month, according to international trade law firm Sandler, Travis & Rosenberg (ST&R).

Year-to-date, the goods and services deficit increased $38.5bn, or 8.6%, from the same period in 2019. Exports fell $329bn, or 17.4%, while imports were down $290.4bn, or by 12.4%. 

The September decline in the goods and services deficit reflected a decrease in the goods deficit of $3.1bn to $80.7bn and an increase in the services surplus of less than $0.1bn to $16.8bn.

The largest deficit was recorded with China at $24.3bn, followed by the European Union at $17.3bn, and Mexico at $10.7bn.

Deficits were also recorded with Japan ($5.6bn), Germany ($5.6bn), Italy ($2.7bn), Taiwan ($2.7bn), India ($2.7bn), South Korea ($2.2bn), Canada ($1.4bn), and France ($1.1bn).

Surpluses for the month of September, meanwhile, were recorded with South and Central America ($2.5bn), OPEC ($1.4bn), Hong Kong ($1.3bn), Brazil ($1.1bn), United Kingdom ($0.8bn), Singapore ($0.3bn), and Saudi Arabia ($0.2bn).

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