The U.S. goods and services trade deficit decreased from $83.8 billion in September (revised) to $73.8 billion in October, as imports decreased more than exports. The goods deficit decreased $10.4 billion to $98.7 billion, and the services surplus decreased $0.4 billion to $24.8 billion.
Exports of goods and services decreased $4.3 billion, or 1.6 percent, in October to $265.7 billion. Exports of goods decreased $5.3 billion, and exports of services increased $1.0 billion.
- The decrease in exports of goods reflected decreases in capital goods ($3.9 billion), in automotive vehicles, parts, and engines ($2.7 billion), in industrial supplies and materials ($2.5 billion), and in consumer goods ($1.3 billion). An increase in other goods ($5.7 billion) partly offset the decreases. (See the “Notice” in the release for more information on other goods.)
- The increase in exports of services reflected increases in travel ($0.3 billion), in other business services ($0.2 billion), in maintenance and repair services ($0.1 billion), in transport ($0.1 billion), in charges for the use of intellectual property ($0.1 billion), and in telecommunications, computer, and information services ($0.1 billion).
Imports of goods and services decreased $14.3 billion, or 4.0 percent, in October to $339.6 billion. Imports of goods decreased $15.7 billion, and imports of services increased $1.4 billion.
- The decrease in imports of goods reflected decreases in capital goods ($7.5 billion), in industrial supplies and materials ($3.3 billion), in consumer goods ($2.0 billion), and in automotive vehicles, parts, and engines ($1.6 billion).
- The increase in imports of services reflected increases in travel ($0.7 billion), in charges for the use of intellectual property ($0.2 billion), in transport ($0.2 billion), in insurance services ($0.2 billion), and in other business services ($0.2 billion).
Real, or inflation-adjusted, statistics are also available for trade in goods (Census basis). The real goods deficit decreased 7.3 percent in October, compared to a 9.5 percent decrease in the nominal deficit. Real exports of goods decreased 4.2 percent, compared to a 3.1 percent decrease in nominal exports. Real imports of goods decreased 5.5 percent, compared to a 5.5 percent decrease in nominal imports.
For more information, read the full release.