The American trade deficit narrowed by double digits in October, as exports outpaced imports during the month.
Source: Bureau of Economic Analysis
The trade deficit for October stood at $67.1 billion, 17.6% or $14.3 billion lower than the $81.4 billion recorded in September. The year-to-date deficit increased by 29.7% to $161.7 billion from the same period in 2020.
The latest deficit reflects a $14.0 billion decline in the goods deficit to $83.9 billion and a $0.3 billion increase in the services surplus to $16.8 billion.
Surpluses were recorded in South and Central America, Hong Kong, Brazil, the United Kingdom, and Singapore. Deficits were seen in China, the European Union, Mexico, Germany, Taiwan, Japan, Italy, Canada, India, South Korea, France, and Saudi Arabia.
October exports climbed by $16.8 billion to $223.6 billion, while imports jumped by $2.5 billion to $290.7 billion. Year-to-date exports jumped by 17.9%, or $315.1 billion, while imports grew 20.7% or $476.8 billion.
In September, exports of goods were revised up to $0.2 billion and services revised down $1.0 billion, while imports of goods were revised up less than $0.1 billion, and services down $0.3 billion.v