The 2020 Mid-Year Economic Update_long

September U.S. Exports Down, Imports Up

Goods and services deficit increases $3 billion year over year

Total September exports were $195.6 billion and imports were $238.6 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 $43 billion, up from $40 billion in August. September exports were $3 billion less than August exports of $198.6 billion. September imports were $0.1 billion more than August imports of $238.6 billion.

In September, the goods deficit increased $2.4 billion from August to $62.7 billion, and the services surplus decreased $0.6 billion from August to $19.6 billion. Exports of goods decreased $2.6 billion to $136.1 billion, and imports of goods decreased $0.1 billion to $198.7 billion. Exports of services decreased $0.4 billion to $59.5 billion, and imports of services increased $0.2 billion to $39.9 billion. The goods and services deficit increased $0.8 billion from September 2013 to September 2014.

Exports were up $5.3 billion, or 2.8 percent, and imports were up $6.1 billion, or 2.6 percent. The August to September decrease in exports of goods reflected decreases in industrial supplies and materials ($2 billion); capital goods ($1.2 billion); consumer goods ($0.7 billion); other goods ($0.1 billion); and automotive vehicles, parts, and engines ($0.1 billion). An increase occurred in foods, feeds, and beverages ($1.3 billion).

The August to September decrease in imports of goods reflected decreases in industrial supplies and materials ($1.1 billion); capital goods ($0.9 billion); and automotive vehicles, parts, and engines ($0.5 billion). Increases occurred in consumer goods ($1.9 billion); other goods ($0.3 billion); and foods, feeds, and beverages ($0.1 billion).

The September 2013 to September 2014 increase in exports of goods reflected increases in capital goods ($1.4 billion); consumer goods ($0.9 billion); industrial supplies and materials ($0.8 billion); other goods ($0.8 billion); and automotive vehicles, parts, and engines ($0.4 billion). A decrease occurred in foods, feeds, and beverages ($0.2 billion).

The September 2013 to September 2014 increase in imports of goods reflected increases in capital goods ($3 billion); consumer goods ($2.7 billion); foods, feeds, and beverages ($1 billion); other goods ($0.6 billion); and automotive vehicles, parts, and engines ($0.2 billion). A decrease occurred in industrial supplies and materials ($2.7 billion).

Exports of services decreased $0.4 billion from August to September. The decrease mostly reflected decreases in travel (for all purposes including education) ($0.3 billion), and in transport ($0.1 billion), which includes freight and port services and passenger fares. Changes in the other categories of services exports were relatively small and nearly offsetting.

Imports of services increased $0.2 billion from August to September, mostly reflecting an increase in transport ($0.1 billion). Changes in the other categories of services imports were relatively small.

The September 2013 to September 2014 increase in exports of services was $1.7 billion or 2.9 percent. The largest increases were in travel ($0.8 billion), in transport ($0.5 billion), in charges for the use of intellectual property ($0.3 billion), and in other business services ($0.3 billion).

The September 2013 to September 2014 increase in imports of services was $1.2 billion or 3 percent. Increases in travel ($0.7 billion), in transport ($0.5 billion), and in other business services ($0.4 billion) were partly offset by a decrease in insurance services ($0.4 billion).

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