The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $42.6 billion in October, up $6.4 billion from $36.2 billion in September, revised. October exports were $186.4 billion, $3.4 billion less than September exports. October imports were $229.0 billion, $3.0 billion more than September imports.
The October increase in the goods and services deficit reflected an increase in the goods deficit of $6.3 billion to $63.4 billion and a decrease in the services surplus of $0.1 billion to $20.8 billion.
Year-to-date, the goods and services deficit decreased $8.8 billion, or 2.1 percent, from the same period in 2015. Exports decreased $58.7 billion or 3.1 percent. Imports decreased $67.5 billion or 2.9 percent.
Exports of goods decreased $3.5 billion to $123.1 billion in October.
Exports of goods on a Census basis decreased $3.2 billion.
- Foods, feeds, and beverages decreased $1.4 billion.
- Soybeans decreased $1.0 billion.
- Corn decreased $0.5 billion.
- Industrial supplies and materials decreased $1.0 billion.
- Nonmonetary gold decreased $0.5 billion.
- Fuel oil decreased $0.5 billion.
- Consumer goods decreased $0.9 billion.
Net balance of payments adjustments decreased $0.3 billion.
Exports of services increased $0.1 billion to $63.3 billion in October.
- Transport, which includes freight and port services and passenger fares, increased $0.1 billion.
Imports of goods increased $2.8 billion to $186.5 billion in October.
Imports of goods on a Census basis increased $2.7 billion.
- Consumer goods increased $2.4 billion.
- Pharmaceutical preparations increased $0.7 billion.
- Cell phones and other household goods increased $0.4 billion.
- Capital goods increased $1.1 billion.
- Computer accessories increased $0.6 billion.
- Automotive vehicles, parts, and engines decreased $0.7 billion.
Net balance of payments adjustments increased $0.1 billion.
Imports of services increased $0.2 billion to $42.4 billion in October.
- Transport increased $0.2 billion.
The October figures show surpluses, in billions of dollars, with Hong Kong ($2.6), South and Central America ($1.8), Singapore ($1.3), Brazil ($0.1). Deficits were recorded, in billions of dollars, with China ($28.9), European Union ($12.9), Mexico ($5.8), Japan ($5.8), Germany ($4.7), India ($2.4), Italy ($2.2), OPEC ($2.1), Canada ($1.7), France ($1.6), South Korea ($1.4), Taiwan ($1.0), United Kingdom ($0.7), and Saudi Arabia ($0.2).
- The deficit with China increased $2.0 billion to $28.9 billion in October. Exports increased $0.5 billion to $10.6 billion and imports increased $2.4 billion to $39.5 billion.
- The balance with Canada shifted from a surplus of $0.2 billion in September to a deficit of $1.7 billion in October. Exports decreased $0.9 billion to $22.0 billion and imports increased $1.0 billion to $23.6 billion.
- The balance with the United Kingdom shifted from a surplus of $0.9 billion in September to a deficit of $0.7 billion in October. Exports decreased $1.0 billion to $4.3 billion and imports increased $0.6 billion to $5.0 billion.
NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.