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Tuesday, December 05, 2017

Trade Deficit at $48.7 Billion in October

by Calculated Risk on 12/05/2017 08:44:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $48.7 billion in October, up $3.8 billion from $44.9 billion in September, revised. October exports were $195.9 billion, down less than $0.1 billion from September exports. October imports were $244.6 billion, $3.8 billion more than September imports.
U.S. Trade Exports Imports Click on graph for larger image.

Exports decreased slightly, and imports increased, in October.

Exports are 18% above the pre-recession peak and up 6% compared to October 2016; imports are 5% above the pre-recession peak, and up 7% compared to October 2016.

In general, trade has been picking up.

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.

Oil imports averaged $47.26 in October, up from $45.15 in September, and up from $40.03 in October 2016.  The petroleum deficit had been declining for years - and is the major reason the overall deficit has mostly moved sideways since early 2012. 

The trade deficit with China increased to $35.2 billion in October, from $31.2 billion in October 2016.