By: Fay Johnson
The Nation’s international trade deficit in goods and services decreased to $43.1 billion in September from $44.9 billion (revised) in August, as exports increased more than imports. Exports increased to a record $180.4 billion in September from $177.9 billion in August (revised) and imports increased to $223.5 billion in September from $222.8 billion.
The overall record in exports was led by record exports of industrial supplies and materials ($44.4 billion) and consumer goods ($15.4 billion).
With month to month figures relatively stable this month, our graph of the month takes a closer look at the trend in agricultural exports.
U.S. exports of agricultural products are $52.3 billion so far this year (using NAICS Category 111), an increase of 37% from the same time period last year or 64% from 2007. If you take a closer look at the data you will see this is mostly due to an increase in prices of agricultural products. Contributing to this price increase are increased demand of agricultural products for alternative uses – such as corn for use in producing ethanol – and poor weather.