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U.S. International Trade in Goods and Services, October 2022

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U.S. International Trade in Goods and Services, October 2022


The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $78.2 billion in October, up $4.0 billion from $74.1 billion in September, revised.

 

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

$78.2 Billion

+5.4%°

Exports:

$256.6 Billion

–0.7%°

Imports:

$334.8 Billion

+0.6%°

Next release: Thursday, January 5, 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, December 6, 2022

Exports, Imports, and Balance (exhibit 1)

October exports were $256.6 billion, $1.9 billion less than September exports. October imports were $334.8 billion, $2.2 billion more than September imports.

The October increase in the goods and services deficit reflected an increase in the goods deficit of $6.1 billion to $99.6 billion and an increase in the services surplus of $2.1 billion to $21.4 billion.

Year-to-date, the goods and services deficit increased $136.9 billion, or 19.9 percent, from the same period in 2021. Exports increased $415.3 billion or 19.8 percent. Imports increased $552.2 billion or 19.8 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $2.5 billion to $72.7 billion for the three months ending in October.

  • Average exports decreased $1.4 billion to $258.9 billion in October.
  • Average imports increased $1.1 billion to $331.6 billion in October.

Year-over-year, the average goods and services deficit increased less than $0.1 billion from the three months ending in October 2021.

  • Average exports increased $41.2 billion from October 2021.
  • Average imports increased $41.2 billion from October 2021.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $3.7 billion to $176.0 billion in October.

  Exports of goods on a Census basis decreased $3.6 billion.

  • Industrial supplies and materials decreased $2.4 billion.
    • Natural gas decreased $1.4 billion.
    • Other petroleum products decreased $1.3 billion.
    • Crude oil increased $1.6 billion.
  • Consumer goods decreased $2.0 billion.
    • Pharmaceutical preparations decreased $2.2 billion.
  • Foods, feeds, and beverages increased $0.5 billion.
    • Soybeans increased $1.6 billion.

  Net balance of payments adjustments decreased $0.2 billion.

Exports of services increased $1.8 billion to $80.6 billion in October.

  • Travel increased $0.8 billion.
  • Transport increased $0.4 billion.
  • Other business services increased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $2.4 billion to $275.6 billion in October.

  Imports of goods on a Census basis increased $2.6 billion.

  • Other goods increased $1.4 billion.
  • Industrial supplies and materials increased $1.1 billion.
    • Fuel oil increased $0.4 billion.
    • Finished metal shapes increased $0.3 billion.
    • Nuclear fuel materials increased $0.3 billion.
  • Automotive vehicles, parts, and engines increased $0.7 billion.
    • Passenger cars increased $0.7 billion.
  • Consumer goods decreased $0.6 billion.
    • Cell phones and other household goods decreased $2.0 billion.
    • Toys, games, and sporting goods decreased $1.0 billion.
    • Pharmaceutical preparations increased $2.7 billion.

  Net balance of payments adjustments decreased $0.2 billion.

Imports of services decreased $0.2 billion to $59.2 billion in October.

  • Transport decreased $0.5 billion.
  • Travel increased $0.1 billion.
  • Telecommunications, computer, and information services increased $0.1 billion.

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

The real goods deficit increased $8.3 billion to $112.6 billion in October.

  • Real exports of goods decreased $4.0 billion to $158.4 billion.
  • Real imports of goods increased $4.3 billion to $271.0 billion.

Revisions

Exports and imports of goods and services were revised for April through September 2022 to incorporate more comprehensive and updated quarterly and monthly data

Revisions to September exports

  • Exports of goods were revised down $0.5 billion.
  • Exports of services were revised up $1.0 billion.

Revisions to September imports

  • Imports of goods were revised up $0.3 billion.
  • Imports of services were revised up $1.1 billion.

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

The October figures show surpluses, in billions of dollars, with South and Central America ($5.0), Netherlands ($4.1), Hong Kong ($1.5), United Kingdom ($1.1), Singapore ($0.7), Australia ($0.6), and Brazil ($0.5). Deficits were recorded, in billions of dollars, with China ($26.1), European Union ($23.1), Mexico ($11.6), Vietnam ($9.4), Germany ($8.1), Ireland ($6.7), Japan ($6.4), Canada ($4.8), Italy ($4.0), Taiwan ($4.0), Malaysia ($3.1), South Korea ($3.0), India ($2.8), France ($1.6), Saudi Arabia ($1.0), Israel ($0.7), Switzerland ($0.5), and Belgium ($0.3).

  • The deficit with the European Union increased $7.1 billion to $23.1 billion in October. Exports decreased $1.2 billion to $28.8 billion and imports increased $5.9 billion to $51.9 billion.
  • The surplus with Singapore decreased $1.9 billion to $0.7 billion in October. Exports decreased $0.8 billion to $4.0 billion and imports increased $1.1 billion to $3.3 billion.
  • The deficit with China decreased $6.0 billion to $26.1 billion in October. Exports increased $1.4 billion to $13.6 billion and imports decreased $4.6 billion to $39.7 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 South and Central America ($28.2), Netherlands ($15.2), Singapore ($11.6), Brazil ($7.6), Australia ($7.1), Hong Kong ($6.8), United Kingdom ($6.4), Switzerland ($5.4), Belgium ($2.0), and Ireland ($0.3). Deficits were recorded, in billions of dollars, with China ($94.9), Mexico ($35.2), Vietnam ($29.4), European Union ($25.6), Germany ($17.8), Canada ($15.0), Japan ($13.9), Taiwan ($13.0), India ($11.1), Italy ($10.5), South Korea ($9.0), Malaysia ($8.8), France ($2.7), Israel ($2.6), and Saudi Arabia ($0.5).

  • The deficit with the European Union decreased $9.9 billion to $25.6 billion in the third quarter. Exports increased $1.6 billion to $151.6 billion and imports decreased $8.3 billion to $177.2 billion.
  • The deficit with Canada decreased $5.5 billion to $15.0 billion in the third quarter. Exports increased $0.5 billion to $109.6 billion and imports decreased $5.1 billion to $124.5 billion.
  • The deficit with Mexico increased $2.1 billion to $35.2 billion in the third quarter. Exports increased $0.1 billion to $94.0 billion and imports increased $2.1 billion to $129.2 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.

 

January 5, 2023, at 8:30 a.m. EST
U.S. International Trade in Goods and Services, November 2022

 

U.S. International Trade in Goods and Services Release Dates in 2023

Statistical Month Date
November 2022 January 5
December 2022 February 7
January 2023 March 8
February 2023 April 5
March 2023 May 4
April 2023 June 7
May 2023 July 6
June 2023 August 8
July 2023 September 6
August 2023 October 5
September 2023 November 7
October 2023 December 6

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