November 4, 2020

The U.S. Bureau of Economic Analysis indicated that, “the goods and services deficit was $63.9 billion in September, down $3.2 billion from $67.0 billion in August, revised.”

September exports amounted to $176.4 billion, which was more than August exports by $4.4 billion, whereas, September imports amounted to $240.2 billion which was $1.2 billion more than August imports.

BEA also noted that, “the September decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.1 billion to $80.7 billion and an increase in the services surplus of less than $0.1 billion to $16.8 billion.”

Year to date compared with that of 2019, there was an 8.6% or $38.5 billion increase in the goods and services deficit. Moreover, exports fell $329.0 billion or 17.4%. Imports also fell $290.4 billion or 12.4%.

Three-Month Moving Averages

For the three months ended in September, the average goods and services deficit rose $3.5 billion to $64.8 billion. This was due to a $7.0 billion increase in average exports to $172.2 billion in September and a $10.4 billion increase in average imports to $237.0 billion in September.

Exports of goods rose $3.7 billion to $122.8 billion in September. These consists of capital goods and foods, feeds, and beverages which increased by $1.4 billion and $1.6 billion, respectively. Additionally, export of services rose by $0.7 billion to $53.6 billion in September. Of the services exported, other business services increased $0.1 billion, transport climbed $0.2 billion, financial services increased $0.1 billion and travel rose $0.1 billion.

Imports of goods rose $0.6 billion to $203.5 billion in September. As for imports of goods; capital goods and automotive vehicles increased $0.8 billion and $3.2 billion, respectively. While, consumer goods and industrial supplies and materials declined $2.1 billion and $1.3 billion. Besides, imports of services increased by $0.6 billion to $36.8 billion in September. Of this, transport increased $0.2 billion and travel rose $0.3 billion.

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