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.
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.
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.