The 2020 Mid-Year Economic Update_long

October U.S. Exports Decrease, Imports Increase

Goods and services deficit up $6.4 billion for month.

Total October exports were $186.4 billion and imports were $229 billion, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce. This resulted in a goods and services deficit of $42.6 billion, up $6.4 billion from September. October exports were down $3.4 billion from September, and October imports were up $3 billion.

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 or 2.1 percent from the same period in 2015. Exports decreased 3.1 percent, and imports decreased 2.9 percent.

Exports of goods decreased $3.5 billion and exports of services increased $0.1 billion. The decrease in exports of goods mostly reflected decreases in foods, feeds and beverages ($1.4 billion), industrial supplies and materials ($1 billion) and consumer goods ($0.9 billion). The increase in exports of services mainly reflected increases in transport ($0.1 billion).

Imports of goods increased $2.8 billion and imports of services increased $0.2 billion. The increase in imports of goods mostly reflected an increase in consumer goods ($2.4 billion) and capital goods ($1.1 billion), offsetting a decrease in automotive vehicles, parts and engines ($0.7 billion). The increase in imports of services mainly reflected an increase in transport ($0.2 billion).

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