U.S. Goods and Services Deficit was $62.1 billion in October

December 07, 2020

The U.S. Bureau of Economic Analysis indicated that, “the goods and services deficit was $63.1 billion in October, up $1.0 billion from $62.1 billion in September, revised.”

October exports amounted to $182.0 billion, which was more than September exports by $4.0 billion, whereas, October imports amounted to $245.1 billion which was $5.0 billion more than September imports.

BEA also noted that, “the October increase in the goods and services deficit reflected an increase in the goods deficit of $0.6 billion to $81.4 billion and a decrease in the services surplus of $0.4 billion to $18.3 billion.”

Year to date compared with that of 2019, there was a 9.5% or $46.6 billion increase in the goods and services deficit. Moreover, exports fell $345.9 billion or 16.4%. Imports also fell $299.4 billion or 11.5%.

Three-Month Moving Averages

For the three months ended in October, the average goods and services deficit rose $0.6 billion to $63.4 billion. This was due to a $4.0 billion increase in average exports to $178.0 billion in October and a $4.6 billion increase in average imports to $241.3 billion in October.

Exports of goods rose $3.7 billion to $126.3 billion in October. These consists of capital goods and Industrial supplies and materials which increased by $1.5 billion and $1.6 billion, respectively. Additionally, export of services rose by $0.3 billion to $55.7 billion in October. Of the services exported, travel increased $0.2 billion and transport climbed $0.2 billion.

Imports of goods rose $4.3 billion to $207.8 billion in October. As for imports of goods; consumer goods, capital goods, industrial supplies and materials and automotive vehicles increased $1.4 billion, $1.4 billion, $1.3 billion and $1.0 billion, respectively. Besides, imports of services increased by $0.7 billion to $37.4 billion in October. Of this, transport increased $0.3 billion and travel rose $0.3 billion.


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