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U.S. International Trade in Goods and Services, September 2020

Summary:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was .9 billion in September, down .2 billion from .0 billion in August, revised. U.S. International Trade in Goods and Services Deficit Deficit: .9 Billion -4.7% Exports: 6.4 Billion +2.6%° Imports: 0.2 Billion +0.5%° Next release: December 4, 2020 (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, November 4, 2020 Coronavirus (COVID-19) Impact on International Trade in Goods and Services Exports and imports in September reflect

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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.

U.S. International Trade in Goods and Services Deficit
Deficit: $63.9 Billion -4.7%
Exports: $176.4 Billion +2.6%°
Imports: $240.2 Billion +0.5%°

Next release: December 4, 2020

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, November 4, 2020

U.S. International Trade in Goods and Services, September 2020

Coronavirus (COVID-19) Impact on International Trade in Goods and Services

Exports and imports in September reflect both the ongoing impact of the COVID-19 pandemic and the continued recovery from the sharp declines earlier this year. The full economic effects of the pandemic cannot be quantified in the trade statistics because the impacts are generally embedded in source data and cannot be separately identified. The Census Bureau and the Bureau of Economic Analysis continue to monitor data quality and have determined estimates in this release meet publication standards. For more information, see the frequently asked questions on goods from the Census Bureau and on services from BEA.

Exports, Imports, and Balance (exhibit 1)

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.

The September decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.1 billion to $80.7 billion and an increase in the services surplus of less than $0.1 billion to $16.8 billion.

Year-to-date, the goods and services deficit increased $38.5 billion, or 8.6 percent, from the same period in 2019. Exports decreased $329.0 billion or 17.4 percent. Imports decreased $290.4 billion or 12.4 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $3.5 billion to $64.8 billion for the three months ending in September.

  • Average exports increased $7.0 billion to $172.2 billion in September.
  • Average imports increased $10.4 billion to $237.0 billion in September.

Year-over-year, the average goods and services deficit increased $14.9 billion from the three months ending in September 2019.

  • Average exports decreased $37.9 billion from September 2019.
  • Average imports decreased $23.0 billion from September 2019.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $3.7 billion to $122.8 billion in September.

  Exports of goods on a Census basis increased $3.8 billion.

  • Foods, feeds, and beverages increased $1.6 billion.
    • Soybeans increased $1.4 billion.
  • Capital goods increased $1.4 billion.
    • Telecommunications equipment increased $0.4 billion.
    • Industrial engines increased $0.3 billion.
    • Computer accessories increased $0.2 billion.

  Net balance of payments adjustments decreased $0.1 billion.

Exports of services increased $0.7 billion to $53.6 billion in September.

  • Transport increased $0.2 billion.
  • Travel increased $0.1 billion.
  • Financial services increased $0.1 billion.
  • Other business services increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $0.6 billion to $203.5 billion in September.

  Imports of goods on a Census basis increased $0.1 billion.

  • Automotive vehicles, parts, and engines increased $3.2 billion.
    • Passenger cars increased $2.4 billion.
  • Capital goods increased $0.8 billion.
  • Consumer goods decreased $2.1 billion.
    • Cell phones and other household goods decreased $2.3 billion.
  • Industrial supplies and materials decreased $1.3 billion.
    • Finished metal shapes decreased $1.4 billion.

  Net balance of payments adjustments increased $0.5 billion.

Imports of services increased $0.6 billion to $36.8 billion in September.

  • Travel increased $0.3 billion.
  • Transport increased $0.2 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit decreased $4.8 billion to $87.6 billion in September.

  • Real exports of goods increased $3.4 billion to $140.1 billion.
  • Real imports of goods decreased $1.4 billion to $227.7 billion.

Revisions

Revisions to August exports

  • Exports of goods were revised down less than $0.1 billion.
  • Exports of services were revised up $0.1 billion.

Revisions to August imports

  • Imports of goods were revised down $0.1 billion.
  • Imports of services were revised up less than $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The September figures show surpluses, in billions of dollars, with South and Central America ($2.5), OPEC ($1.4), Hong Kong ($1.3), Brazil ($1.1), United Kingdom ($0.8), Singapore ($0.3), and Saudi Arabia ($0.2). Deficits were recorded, in billions of dollars, with China ($24.3), European Union ($17.3), Mexico ($10.7), Japan ($5.6), Germany ($5.6), Italy ($2.7), Taiwan ($2.7), India ($2.7), South Korea ($2.2), Canada ($1.4), and France ($1.1).

  • The deficit with China decreased $2.1 billion to $24.3 billion in September. Exports increased $0.8 billion to $12.0 billion and imports decreased $1.3 billion to $36.4 billion.
  • The deficit with Mexico decreased $1.8 billion to $10.7 billion in September. Exports increased $1.3 billion to $18.5 billion and imports decreased $0.5 billion to $29.2 billion.
  • The deficit with the European Union increased $1.6 billion to $17.3 billion in September. Exports increased $0.3 billion to $19.6 billion and imports increased $1.9 billion to $36.9 billion.

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All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau's Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA's website at www.bea.gov/news/schedule.

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Next release: December 4, 2020, at 8:30 A.M. EST

U.S. International Trade in Goods and Services, October 2020

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Bureau of Economic Analysis
The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

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