Global| Nov 25 2020U.S. Goods Trade Deficit Deepens During October
by:Tom Moeller
|in:Economy in Brief
Summary
• Export growth eases while import gain accelerates. The advance estimate of the U.S. trade deficit in goods deepened to $80.29 billion during October from September's $79.36 billion, revised from $80.7 billion. The Action Economics [...]
• Export growth eases while import gain accelerates.
The advance estimate of the U.S. trade deficit in goods deepened to $80.29 billion during October from September's $79.36 billion, revised from $80.7 billion. The Action Economics Forecast Survey expected an $81.0 billion deficit. Exports grew 2.8% (-7.5% y/y) after a 3.2% September rise while imports rose 2.2% (1.9% y/y) following no change during September.
Exports of nonauto consumer goods exports increased 6.1% (-3.4% y/y) and capital goods rose 3.9% (-12.9% y/y). Exports of industrial supplies & materials improved 3.9% (-8.8% y/y) while auto exports edged 0.5% higher (-5.1% y/y). Offsetting these increases, foods, feeds & beverage exports fell 4.4% (+17.5% y/y).
Imports of autos increased 3.2% (10.2% y/y) while nonauto consumer goods imports gained 2.2% (9.1% y/y). Imports of industrial supplies & materials gained 3.1% (-9.1% y/y) while capital goods imports rose 2.4% (1.3% y/y). Working the other way, imports of foods, feeds & beverages declined 1.3% (+6.8 y/y).
The advance international trade data can be found in Haver's USECON database. The expectation figure is from the Action Economics Forecast Survey, which is in AS1REPNA.
| Advance U.S. Foreign Trade in Goods (Customs Value $) | Oct | Sep | Aug | Oct Y/Y | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|
| U.S. Trade Deficit ($ bil.) | -80.29 | -79.36 | -83.08 | -66.32 (10/19) |
-854.37 | -872.04 | -792.40 |
| Exports (% Chg) | 2.8 | 3.2 | 2.9 | -7.5 | -1.4 | 7.7 | 6.6 |
| Imports (% Chg) | 2.2 | 0.0 | 3.3 | 1.9 | -1.6 | 8.5 | 7.0 |
Note: Current month is based on Advance Trade data; Previous months reflect revised data from International Trade release.
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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