Trade Deficit Increased to $63.1 Billion in October

by Calculated Risk on 12/04/2020 11:08:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today 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 were $182.0 billion, $4.0 billion more than September exports. October imports were $245.1 billion, $5.0 billion more than September imports.
emphasis added

U.S. Trade Exports Imports Click on graph for larger image.

Both exports and imports increased in October.

Exports are down 13.5% compared to October 2019; imports are down 3.3% compared to October 2019.

Both imports and exports decreased sharply due to COVID-19, and have now bounced back (imports more than exports),

The second graph shows the U.S. trade deficit, with and without petroleum.

U.S. Trade Deficit The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Note that the U.S. exported a slight net positive petroleum products in recent months.

Oil imports averaged $36.23 per barrel in October, down from $37.59 per barrel in September, and down from $52.02 in October 2019.

The trade deficit with China decreased to $30.1 billion in October, from $31.3 billion in October 2019.

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