by Calculated Risk on 11/04/2020 08:39:00 AM
Wednesday, November 04, 2020
Trade Deficit Decreased to $63.9 Billion in September
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 $63.9 billion in September, down $3.2 billion from $67.0 billion in August, revised.
September exports were $176.4 billion, $4.4 billion more than August exports. September imports were $240.2 billion, $1.2 billion more than August imports.
emphasis added
Both exports and imports increased in September.
Exports are down 16% compared to September 2019; imports are down 6.5% compared to September 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 $37.59 per barrel in September, up from $37.43 per barrel in August, and down from $53.10 in September 2019.
The trade deficit with China decreased to $29.7 billion in September, from $31.6 billion in September 2019.