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Friday, December 5, 2014

U.S. Foreign Trade Deficit Narrows

The U.S. international trade deficit in goods and services decreased $200 million to $43.4 billion in October as exports increased more than imports.

Exports increased by $2.3 billion (1.2%) to $197.5 billion, primarily due to a $2 billion increase in goods exports driven by increases in exports for civilian aircrafts and generators, transformers and accessories. Exports of services increased $300 million to $59.5 billion in October.



Imports increased by $2.2 billion (0.9%) to $241 billion, primarily driven by a $2 billion increase in goods imports to $200.7 billion driven by imports of trucks, buses and special purpose vehicles as well as passenger cars. Imports of services increased $200 million to $40.3 billion in October.

The goods deficit remained unchanged at $62.7 billion, the service surplus increased $100 million to $19.2 billion and the petroleum deficit increased $1.2 billion to $15.2 billion.

Both exports and imports increased with the European Union, China and Mexico. The goods deficit with the European Union increased $900 million to $12.7 billion and the goods deficit with Mexico increased $400 million to $5.2 billion. With China, the goods deficit decreased $3 billion to $32.6 billion. The increase in exports signals that the economies of United States trading partners are improving.

Read the Census Bureau release.
Read full report.

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