News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Thursday, December 5, 2024
BEA 24–58
CB 24–196

U.S. International Trade in Goods and Services, October 2024

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $73.8 billion in October, down $10.0 billion from $83.8 billion in September, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $73.8 Billion  -11.9%°
Exports: $265.7 Billion  -1.6%°
Imports: $339.6 Billion  -4.0%°

Next release: Tuesday, January 7, 2025

(°) 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, December 5, 2024

Goods and Services Trade Deficit: Seasonally adjusted

Exports, Imports, and Balance (exhibit 1)

October exports were $265.7 billion, $4.3 billion less than September exports. October imports were $339.6 billion, $14.3 billion less than September imports.

The October decrease in the goods and services deficit reflected a decrease in the goods deficit of $10.4 billion to $98.7 billion and a decrease in the services surplus of $0.4 billion to $24.8 billion.

Year-to-date, the goods and services deficit increased $80.7 billion, or 12.3 percent, from the same period in 2023. Exports increased $94.0 billion or 3.7 percent. Imports increased $174.7 billion or 5.4 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $1.8 billion to $76.1 billion for the three months ending in October.

  • Average exports decreased $0.5 billion to $269.5 billion in October.
  • Average imports decreased $2.3 billion to $345.5 billion in October.

Year-over-year, the average goods and services deficit increased $14.0 billion from the three months ending in October 2023.

  • Average exports increased $9.2 billion from October 2023.
  • Average imports increased $23.2 billion from October 2023.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $5.3 billion to $170.7 billion in October.

  Exports of goods on a Census basis decreased $5.3 billion.

  • Capital goods decreased $3.9 billion.
    • Computer accessories decreased $1.2 billion.
  • Automotive vehicles, parts, and engines decreased $2.7 billion.
    • Passenger cars decreased $1.3 billion.
    • Trucks, buses, and special purpose vehicles decreased $1.3 billion.
  • Industrial supplies and materials decreased $2.5 billion.
  • Consumer goods decreased $1.3 billion.
  • Other goods increased $5.7 billion. (See the “Notice” for more information.)

  Net balance of payments adjustments increased less than $0.1 billion.

Exports of services increased $1.0 billion to $95.1 billion in October.

  • Travel increased $0.3 billion.
  • Other business services increased $0.2 billion.
  • Maintenance and repair services increased $0.1 billion.
  • Transport increased $0.1 billion.
  • Charges for the use of intellectual property increased $0.1 billion.
  • Telecommunications, computer, and information services increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $15.7 billion to $269.3 billion in October.

  Imports of goods on a Census basis decreased $15.7 billion.

  • Capital goods decreased $7.5 billion.
    • Computers decreased $3.7 billion.
    • Semiconductors decreased $1.6 billion.
  • Industrial supplies and materials decreased $3.3 billion.
    • Crude oil decreased $1.4 billion.
  • Consumer goods decreased $2.0 billion.
    • Pharmaceutical preparations decreased $1.1 billion.
  • Automotive vehicles, parts, and engines decreased $1.6 billion.

  Net balance of payments adjustments increased less than $0.1 billion.

Imports of services increased $1.4 billion to $70.2 billion in October.

  • Travel increased $0.7 billion.
  • Charges for the use of intellectual property increased $0.2 billion.
  • Transport increased $0.2 billion.
  • Insurance services increased $0.2 billion.
  • Other business services increased $0.2 billion.

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

The real goods deficit decreased $7.3 billion, or 7.3 percent, to $92.4 billion in October, compared to a 9.5 percent decrease in the nominal deficit.

  • Real exports of goods decreased $6.3 billion, or 4.2 percent, to $141.9 billion, compared to a 3.1 percent decrease in nominal exports.
  • Real imports of goods decreased $13.6 billion, or 5.5 percent, to $234.3 billion, compared to a 5.5 percent decrease in nominal imports.

Revisions

Exports and imports of goods and services were revised for April through September 2024 to incorporate more comprehensive and updated quarterly and monthly data.

Revisions to September exports

  • Exports of goods were revised down $0.1 billion.
  • Exports of services were revised up $2.1 billion.

Revisions to September imports

  • Imports of goods were revised down less than $0.1 billion.
  • Imports of services were revised up $1.5 billion.

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

The October figures show surpluses, in billions of dollars, with Netherlands ($4.5), South and Central America ($3.8), United Kingdom ($2.0), Hong Kong ($1.5), Australia ($0.9), Brazil ($0.8), Belgium ($0.7), Singapore ($0.7), and Saudi Arabia ($0.4). Deficits were recorded, in billions of dollars, with China ($25.5), European Union ($17.1), Mexico ($15.4), Vietnam ($10.6), Ireland ($9.0), Japan ($6.5), Taiwan ($6.5), Germany ($5.4), South Korea ($4.5), India ($4.5), Canada ($4.4), Switzerland ($3.7), Italy ($3.4), Malaysia ($2.4), Israel ($0.5), and France ($0.1).

  • The deficit with the European Union decreased $6.7 billion to $17.1 billion in October. Exports increased $0.1 billion to $30.6 billion and imports decreased $6.6 billion to $47.8 billion.
  • The deficit with Vietnam decreased $1.7 billion to $10.6 billion in October. Exports increased $0.1 billion to $1.2 billion and imports decreased $1.6 billion to $11.8 billion.
  • The deficit with Switzerland increased $1.4 billion to $3.7 billion in October. Exports decreased $1.0 billion to $1.4 billion and imports increased $0.4 billion to $5.1 billion.

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis (exhibit 20)

Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, third-quarter figures are now available.

The third-quarter figures show surpluses, in billions of dollars, with Netherlands ($18.8), South and Central America ($16.8), Australia ($8.8), Brazil ($8.1), Singapore ($6.9), Hong Kong ($5.4), United Kingdom ($3.3), Saudi Arabia ($1.9), and Belgium ($0.8). Deficits were recorded, in billions of dollars, with China ($70.3), Mexico ($44.6), European Union ($40.1), Vietnam ($30.8), Germany ($22.9), Taiwan ($22.8), Japan ($14.0), South Korea ($14.0), Italy ($10.7), Canada ($9.4), India ($9.3), Ireland ($8.4), France ($5.3), Malaysia ($4.3), Switzerland ($3.5), and Israel ($2.0).

  • The deficit with China increased $10.0 billion to $70.3 billion in the third quarter. Exports increased $0.1 billion to $50.3 billion and imports increased $10.1 billion to $120.6 billion.
  • The deficit with Taiwan increased $5.9 billion to $22.8 billion in the third quarter. Exports decreased $0.4 billion to $14.3 billion and imports increased $5.5 billion to $37.1 billion.
  • The deficit with Italy decreased $3.0 billion to $10.7 billion in the third quarter. Exports increased $1.5 billion to $11.5 billion and imports decreased $1.5 billion to $22.2 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: January 7, 2025, at 8:30 a.m. EST
U.S. International Trade in Goods and Services, November 2024

Notice

Impact of Canada Border Services Agency’s (CBSA) Release of CBSA Assessment and Revenue Management (CARM)

The CBSA introduced a new accounting system (CARM) on October 21, 2024. As a result, importers in Canada have experienced delays in filing shipment information. These delays affected the compilation of statistics on U.S. exports of goods to Canada for September and October 2024, which are derived from data compiled by Canada through the United States - Canada Data Exchange. A dollar estimate of the filing backlog is included in estimates for late receipts and, following the Census Bureau’s customary practice for late receipt estimates, is included in the export end-use category “Other goods” as well as in exports to Canada. This estimate will be replaced with the actual transactions reported by the Harmonized System classification in June 2025 with the release of “U.S. International Trade in Goods and Services, Annual Revision.”

Discontinuation of BEA’s “Release Highlights”

With the release of “U.S. International Trade in Goods and Services, November 2024” on January 7, 2025, BEA will discontinue the “Release Highlights” document that has accompanied each news release as part of the release’s “Related Materials.” Information in this document will continue to be available in the release and on BEA’s website.

If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, International Trade Macro Analysis Branch, on (800) 549-0595, option 4, or at eid.international.trade.data@census.gov or BEA, Balance of Payments Division, at InternationalAccounts@bea.gov .

U.S. International Trade in Goods and Services Release Dates in 2025

Statistical Month Date
November 2024   January 7
December 2024 February 5
January 2025  March 6
February 2025 April 3
March 2025  May 6
April 2025 June 5
May 2025 July 3
June 2025 August 5
July 2025 September 4
August 2025 October 7
September 2025 November 4
October 2025  December 4