The US Department of Commerce announced today that total September exports of $132.0 billion and imports of $168.4 billion resulted in a goods and services deficit of $36.5 billion, up from $30.8 billion in August, revised. September exports were $3.7 billion more than August exports of $128.3 billion. September imports were $9.3 billion more than August imports of $159.1 billion.
In September, the goods deficit increased $5.6 billion from August to $47.6 billion, and the services surplus was virtually unchanged at $11.1 billion. Exports of goods increased $3.5 billion to $90.3 billion, and imports of goods increased $9.1 billion to $138.0 billion.
Exports of services increased $0.2 billion to $41.6 billion, and imports of services increased $0.2 billion to $30.5 billion.
In September, the goods and services deficit decreased $23.7 billion from September 2008. Exports were down $20.0 billion, or 13.2 percent, and imports were down $43.7 billion, or 20.6 percent.
Exports
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Exports of goods and services increased $3.7 billion in September to $132.0 billion, mostly reflecting an increase in goods exports. Services exports also increased.
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The increase in goods exports was mostly accounted for by increases in capital goods and industrial supplies and materials.
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The increase in services exports was mostly accounted for by increases in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) and other transportation (which includes freight and port services).
Imports
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Imports of goods and services increased $9.3 billion in September to $168.4 billion, mostly reflecting an increase in goods imports. Services imports also increased.
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The increase in goods imports was mostly accounted for by increases in industrial supplies and materials and automotive vehicles, parts, and engines.
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The increase in services imports was more than accounted for by increases in other transportation and other private services.
Goods by geographic area (not seasonally adjusted)
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The goods deficit with China increased from $20.2 billion in August to $22.1 billion in September. Exports increased $0.3 billion to $5.8 billion, while imports increased $2.1 billion to $27.9 billion.
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The goods deficit with the European Union increased from $5.4 billion in August to $5.5 billion in September. Exports increased $1.4 billion to $18.1 billion, while imports increased $1.5 billion to $23.7 billion.
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The goods deficit with Mexico increased from $4.0 billion in August to $4.6 billion in September. Exports increased $0.5 billion to $11.6 billion, while imports increased $1.1 billion to $16.2 billion
SEE: article, Nov 12, 2009: Dr. Peter Morici: US trade deficit threatens a double-dip recession, economic Armageddon
