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Goods and Services Deficit Increased in October 2020
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The nation's international trade deficit in goods and services increased to $63.1 billion in October from $62.1 billion in September (revised), as imports increased more than exports. The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $63.1 billion in October, up $1.0 billion from $62.1 billion in September, revised.
Exports, Imports, and Balance
October exports were $182.0 billion, $4.0 billion more than September exports. October imports were $245.1 billion, $5.0 billion more than September imports. The October increase in the goods and services deficit reflected an increase in the goods deficit of $0.6 billion to $81.4 billion and a decrease in the services surplus of $0.4 billion to $18.3 billion. Year-to-date, the goods and services deficit increased $46.6 billion, or 9.5 percent, from the same period in 2019. Exports decreased $345.9 billion or 16.4 percent. Imports decreased $299.4 billion or 11.5 percent.
Three-Month Moving Averages
The average goods and services deficit increased $0.6 billion to $63.4 billion for the three months ending in October.
• Average exports increased $4.0 billion to $178.0 billion in October.
• Average imports increased $4.6 billion to $241.3 billion in October.
Year-over-year, the average goods and services deficit increased $16.2 billion from the three months ending in October 2019.
• Average exports decreased $32.1 billion from October 2019.
• Average imports decreased $15.9 billion from October 2019.
Posted: December 4, 2020 Friday 08:30 AM