The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the International Goods and Services Trade Deficit was $55.5 billion in October, up $0.9 billion from $54.6 billion in September, revised.
Exports, Imports, and Balance
- October exports were $211.0 billion, $0.3 billion less than September exports. October imports were $266.5 billion, $0.6 billion more than September imports.
- The October increase in the goods and services deficit reflected an increase in the goods deficit of $0.9 billion to $78.1 billion and a decrease in the services surplus of $0.1 billion to $22.6 billion.
- Year‐to‐date, the goods and services deficit increased $51.3 billion, or 11.4 percent, from the same period in 2017. Exports increased $149.3 billion or 7.7 percent. Imports increased $200.6 billion or 8.4 percent.
- Average exports increased $12.7 billion from October 2017. Average imports increased $22.1 billion from October 2017.
- Exports of goods decreased $0.4 billion to $141.5 billion in October.
- Foods, feeds, and beverages decreased $0.7 billion. Soybeans decreased $0.8 billion. Capital goods decreased $0.5 billion. Other goods increased $0.5 billion.
- Exports of services increased $0.1 billion to $69.6 billion in October.
- Imports of goods increased $0.5 billion to $219.6 billion in October.
- Imports of goods on a Census basis increased $0.3 billion.
- Imports of consumer goods increased $2.0 billion. Pharmaceutical preparations increased $1.5 billion. Other goods increased $0.8 billion. Automotive vehicles, parts, and engines increased $0.7 billion. Capital goods decreased $3.2 billion.
- The deficit with China increased $0.7 billion to $38.2 billion in October. Exports decreased 2.6 billion to $7.6 billion and imports decreased $1.9 billion to $45.7 billion.
- The deficit with Mexico decreased $1.2 billion to $6.4 billion in October. Exports decreased $0.1 billion to $22.4 billion and imports decreased $1.3 billion to $28.8 billion.
Third Quarter Numbers by Country
- The deficit with China increased $10.3 billion to $95.9 billion in the third quarter. Exports decreased $3.1 billion to $46.0 billion and imports increased $7.2 billion to $141.9 billion.
- The deficit with the European Union increased $6.3 billion to $30.2 billion in the third quarter. Exports decreased $2.0 billion to $143.2 billion and imports increased $4.2 billion to $173.4 billion.
- The deficit with Japan decreased $1.9 billion to $13.4 billion in the third quarter. Exports increased $0.5 billion to $30.4 billion and imports decreased $1.5 billion to $43.7 billion.
Those tariffs sure are working. Unfortunately, in reverse, especially soybeans.
Mike "Mish" Shedlock