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Wednesday, November 04, 2020

Trade Deficit Decreased to $63.9 Billion in September

by Calculated Risk on 11/04/2020 08:39:00 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 $63.9 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
U.S. Trade Exports Imports Click on graph for larger image.

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.

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.

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.