The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $84.4 billion in September, up $13.6 billion from $70.8 billion in August, revised. September exports were $267.9 billion, $3.2 billion less than August exports. September imports were $352.3 billion, $10.3 billion more than in August.
The widening of the goods and services deficit reflects an increase in the goods deficit of $14.2 billion to $109.0 billion. There was a slight improvement in the services surplus by $0.6 billion to $24.6 billion. Year-to-date, the overall goods and services deficit has grown by $69.6 billion, or 11.8 percent, compared to the same period in 2023.
Exports increased $84.7 billion, or 3.7 percent. Imports rose $154.4 billion, or 5.3 percent. The average goods and services deficit over the three months ending in September increased by $3.8 billion to $78.0 billion.
Average exports saw a marginal increase of $0.9 billion to $268.5 billion. Average imports increased by $4.7 billion to $346.6 billion. Exports of goods fell by $3.2 billion to $176.0 billion in September.
Capital goods declined by $1.9 billion, civilian aircraft by $1.7 billion, and consumer goods by $1.4 billion.
Trade deficit grows due to imports
Pharmaceutical preparations decreased by $2.0 billion.
Services exports decreased by less than $0.1 billion to $91.9 billion, with maintenance and repair services declining by $0.2 billion. Imports of goods surged by $10.9 billion to $285.0 billion in September. Consumer goods rose by $4.0 billion and capital goods went up by $2.8 billion.
Imports of computers and semiconductors increased by $1.0 billion and $0.8 billion, respectively. Services imports decreased by $0.6 billion to $67.3 billion, with declines in charges for the use of intellectual property and travel services. The real goods deficit increased by $11.6 billion, or 13.1 percent, to $100.1 billion in September.
Real exports of goods fell by $1.8 billion, while real imports of goods increased by $9.8 billion. The trade figures for September show surpluses with South and Central America ($3.5 billion), Netherlands ($3.2 billion), and United Kingdom ($1.4 billion). Deficits were recorded with China ($26.9 billion), European Union ($23.8 billion), and Mexico ($16.0 billion).
The deficit with the European Union increased by $4.7 billion to $23.8 billion in September. The surplus with the United Kingdom increased by $1.1 billion to $1.4 billion. The next release on U.S. International Trade in Goods and Services is scheduled for December 5, 2024.
