The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the International Goods and Services Trade Deficit was $55.5 billion in October, up $0.9 billion from $54.6 billion in September, revised.
Exports, Imports, and Balance
- October exports were $211.0 billion, $0.3 billion less than September exports. October imports were $266.5 billion, $0.6 billion more than September imports.
- The October increase in the goods and services deficit reflected an increase in the goods deficit of $0.9 billion to $78.1 billion and a decrease in the services surplus of $0.1 billion to $22.6 billion.
- Year‐to‐date, the goods and services deficit increased $51.3 billion, or 11.4 percent, from the same period in 2017. Exports increased $149.3 billion or 7.7 percent. Imports increased $200.6 billion or 8.4 percent.
- Average exports increased $12.7 billion from October 2017. Average imports increased $22.1 billion from October 2017.
- Exports of goods decreased $0.4 billion to $141.5 billion in October.
- Foods, feeds, and beverages decreased $0.7 billion. Soybeans decreased $0.8 billion. Capital goods decreased $0.5 billion. Other goods increased $0.5 billion.
- Exports of services increased $0.1 billion to $69.6 billion in October.
- Imports of goods increased $0.5 billion to $219.6 billion in October.
- Imports of goods on a Census basis increased $0.3 billion.
- Imports of consumer goods increased $2.0 billion. Pharmaceutical preparations increased $1.5 billion. Other goods increased $0.8 billion. Automotive vehicles, parts, and engines increased $0.7 billion. Capital goods decreased $3.2 billion.
- The deficit with China increased $0.7 billion to $38.2 billion in October. Exports decreased 2.6 billion to $7.6 billion and imports decreased $1.9 billion to $45.7 billion.
- The deficit with Mexico decreased $1.2 billion to $6.4 billion in October. Exports decreased $0.1 billion to $22.4 billion and imports decreased $1.3 billion to $28.8 billion.
Third Quarter Numbers by Country
- The deficit with China increased $10.3 billion to $95.9 billion in the third quarter. Exports decreased $3.1 billion to $46.0 billion and imports increased $7.2 billion to $141.9 billion.
- The deficit with the European Union increased $6.3 billion to $30.2 billion in the third quarter. Exports decreased $2.0 billion to $143.2 billion and imports increased $4.2 billion to $173.4 billion.
- The deficit with Japan decreased $1.9 billion to $13.4 billion in the third quarter. Exports increased $0.5 billion to $30.4 billion and imports decreased $1.5 billion to $43.7 billion.
Those tariffs sure are working. Unfortunately, in reverse, especially soybeans.
This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.