News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Tuesday, November 7, 2023
BEA 23—51
CB 23—181

U.S. International Trade in Goods and Services, September 2023

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $61.5 billion in September, up $2.9 billion from $58.7 billion in August, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$61.5 Billion

+4.9%°

Exports:

$261.1 Billion

+2.2%°

Imports:

$322.7 Billion

+2.7%°

Next release: Wednesday, December 6, 2023

(°) 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 7, 2023

Goods and Services Trade Deficit: Seasonally adjusted

Exports, Imports, and Balance (exhibit 1)

September exports were $261.1 billion, $5.7 billion more than August exports. September imports were $322.7 billion, $8.6 billion more than August imports.

The September increase in the goods and services deficit reflected an increase in the goods deficit of $1.7 billion to $86.3 billion and a decrease in the services surplus of $1.2 billion to $24.8 billion.

Year-to-date, the goods and services deficit decreased $147.4 billion, or 20.0 percent, from the same period in 2022. Exports increased $22.7 billion or 1.0 percent. Imports decreased $124.8 billion or 4.2 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $0.7 billion to $61.6 billion for the three months ending in September.

  • Average exports increased $4.5 billion to $256.1 billion in September.
  • Average imports increased $3.7 billion to $317.8 billion in September.

Year-over-year, the average goods and services deficit decreased $8.6 billion from the three months ending in September 2022.

  • Average exports decreased $4.6 billion from September 2022.
  • Average imports decreased $13.2 billion from September 2022.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $5.3 billion to $176.7 billion in September.

 Exports of goods on a Census basis increased $4.8 billion.

  • Industrial supplies and materials increased $1.4 billion.
    • Other petroleum products increased $0.6 billion.
    • Crude oil increased $0.4 billion.
  • Foods, feeds, and beverages increased $1.4 billion.
    • Soybeans increased $0.6 billion.
    • Corn increased $0.4 billion.
  • Other goods increased $0.8 billion.

 Net balance of payments adjustments increased $0.5 billion.

Exports of services increased $0.3 billion to $84.4 billion in September.

  • Travel increased $0.3 billion.
  • Transport increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $7.0 billion to $263.0 billion in September.

 Imports of goods on a Census basis increased $6.9 billion.

  • Consumer goods increased $2.0 billion.
    • Cell phones and other household goods increased $1.8 billion.
  • Automotive vehicles, parts, and engines increased $1.9 billion.
    • Passenger cars increased $1.7 billion.
  • Capital goods increased $1.6 billion.
    • Computer accessories increased $0.4 billion.
    • Civilian aircraft parts increased $0.3 billion.
    • Other industrial machinery increased $0.3 billion.
    • Materials handling equipment increased $0.3 billion.
  • Industrial supplies and materials increased $1.2 billion.
    • Crude oil increased $1.4 billion.

 Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $1.5 billion to $59.6 billion in September.

  • Transport increased $0.8 billion.
  • Travel increased $0.7 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $2.8 billion, or 3.3 percent, to $86.5 billion in September, compared to a 2.5 percent increase in the nominal deficit.

  • Real exports of goods increased $2.9 billion, or 2.0 percent, to $144.4 billion, compared to a 2.9 percent increase in nominal exports.
  • Real imports of goods increased $5.7 billion, or 2.5 percent, to $231.0 billion, compared to a 2.7 percent increase in nominal imports.

Revisions

Revisions to August exports

  • Exports of goods were revised down $0.1 billion.
  • Exports of services were revised down $0.5 billion.

Revisions to August imports

  • Imports of goods were revised up less than $0.1 billion.
  • Imports of services were revised down $0.3 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 ($4.8), Netherlands ($3.2), Hong Kong ($2.7), Australia ($1.6), Belgium ($1.2), Singapore ($0.7), United Kingdom ($0.5), and Saudi Arabia ($0.2). Deficits were recorded, in billions of dollars, with China ($24.1), European Union ($16.8), Mexico ($12.2), Vietnam ($9.4), Japan ($6.9), Germany ($6.3), Ireland ($6.2), Canada ($5.9), Taiwan ($5.0), South Korea ($4.5), India ($3.9), Italy ($2.9), Switzerland ($2.1), Malaysia ($1.9), France ($0.9), Israel ($0.6), and Brazil ($0.3).

  • The deficit with Japan increased $1.9 billion to $6.9 billion in September. Exports increased $0.2 billion to $6.7 billion and imports increased $2.1 billion to $13.6 billion.
  • The deficit with Vietnam increased $1.5 billion to $9.4 billion in September. Exports increased $0.1 billion to $0.8 billion and imports increased $1.6 billion to $10.3 billion.
  • The balance with Singapore shifted from a deficit of $1.0 billion in August to a surplus of $0.7 billion in September. Exports increased $0.2 billion to $4.0 billion and imports decreased $1.5 billion to $3.2 billion.

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.

Next release: December 6, 2023, at 8:30 a.m. EST
U.S. International Trade in Goods and Services, October 2023