US Trade Deficit Up in October

The US goods and services deficit was $64.3 billion in October, up $3.1 billion from $61.2 billion in September, the Commerce Department reported Wednesday.

October exports were $258.8 billion, $2.6 billion less than September exports while imports were up $500 million to $323 billion.

The October increase in the goods and services deficit reflected an increase in the goods deficit of $3.5 billion to $89.8 billion and an increase in the services surplus of $400 mbillion to $25.5 billion.

Year-to-date, the goods and services deficit decreased $161.4 billion, or 19.8 percent, from the same period in 2022. Exports increased $28 billion or 1.1 percent while imports decreased $133.4 billion or 4 percent.

The average goods and services deficit decreased $200 million to $61.3 billion for the three months ending in October.

Year-over-year, the average goods and services deficit decreased $11.1 billion from the three months ending in October 2022.

Exports of goods fell by $3.2 billion to $173.5 billion in October, while services exports rose by $600 million to $85.3 billion. Imports of goods rose by $300 million to $263.3 billion in October and services imports were up $200 million to $59.8 billion.

Deficits with Countries

In October, the United States recorded trade deficit with China at $23.9 billion, European Union $19.2 billion, Mexico $11.9 billion, Vietnam $9.3 billion, Germany $7.5 billion, Canada $7.3 billion, Japan $6.6 billion, Ireland $5.8 billion, Taiwan $5.1 billion, Italy $4 billion South Korea $3.7 billion, India $3.4 billion, Malaysia $2 billion, France $900 million, Israel $600 million, Switzerland
$300 million and Saudi Arabia $200 million.

The October figures show surpluses with Netherlands at $3.8 billion, South and Central America $3.7 billion, Hong Kong $1.9 billion, Australia $1.3 billion, Belgium $800 million, Brazil $400 million, Singapore $200 million and United Kingdom $200 million.

For the third quarter of this year, the United States ran trade surpluses with South and Central America at $21.8 billion, Netherlands $14.6 billion, Australia $8.3 billion, Singapore $6.8 billion, Hong Kong $6.6 billion, Brazil $4.8 billion, Belgium $3.3 billion, United Kingdom $3.1 billion, Saudi
Arabia $2 billion and Switzerland $1.6 billion.

Deficits were recorded with China at $63.8 billion, Mexico at $39.1 billion, European
Union $26.5 billion, Vietnam $26.2 billion, Germany $20.5 billion, Japan $14.9 billion,
Taiwan $12.8 billion, South Korea $11.5 billion, India $11.5 billion, Italy $10.9 billion,
Canada $10 billion, Malaysia $5.5 billion, France $4.2 billion, Ireland $4.1 billion and Israel $2.2 billion.