by Calculated Risk on 1/08/2026 08:48:00 AM

The Census Bureau and the Bureau of Economic Analysis reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $29.4 billion in October, down $18.8 billion from $48.1 billion in September, revised.

October exports were $302.0 billion, $7.8 billion more than September exports. October imports were $331.4 billion, $11.0 billion less than September imports.
emphasis added

Click on graph for larger image.

Exports increased and imports decreased in October. 

Exports were up 12% year-over-year; imports were down 4% year-over-year.

Imports increased sharply earlier this year as importers rushed to beat tariffs.  

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

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 net, exports of petroleum products are positive and have been increasing.

The trade deficit with China decreased to $14.9 billion from $28.1 billion a year ago.