News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, Thursday, December 6, 2018
CB 18-179
BEA 18-66

U.S. International Trade in Goods and Services, October 2018

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $55.5 billion in October, up $0.9 billion from $54.6 billion in September, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $55.5 Billion +1.7%°
Exports: $211.0 Billion -0.1%°
Imports: $266.5 Billion +0.2%°

Next release: January 8, 2019

(°) Statistical significance is not applicable or not measurable.

Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, December 6, 2018.

Exports, Imports, and Balance (exhibit 1)

October exports were $211.0 billion, $0.3 billion less than September exports. October imports were $266.5 billion, $0.6 billion more than September imports.

The October increase in the goods and services deficit reflected an increase in the goods deficit of $0.9 billion to $78.1 billion and a decrease in the services surplus of $0.1 billion to $22.6 billion.

Year-to-date, the goods and services deficit increased $51.3 billion, or 11.4 percent, from the same period in 2017. Exports increased $149.3 billion or 7.7 percent. Imports increased $200.6 billion or 8.4 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $1.7 billion to $54.6 billion for the three months ending in October.

  • Average exports increased $0.4 billion to $210.2 billion in October.
  • Average imports increased $2.1 billion to $264.8 billion in October.

Year-over-year, the average goods and services deficit increased $9.4 billion from the three months ending in October 2017.

  • Average exports increased $12.7 billion from October 2017.
  • Average imports increased $22.1 billion from October 2017.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $0.4 billion to $141.5 billion in October.

  Exports of goods on a Census basis decreased $0.4 billion.

  • Foods, feeds, and beverages decreased $0.7 billion.
    • Soybeans decreased $0.8 billion.
  • Capital goods decreased $0.5 billion.
    • Civilian aircraft engines decreased $0.3 billion.
    • Civilian aircraft decreased $0.3 billion.
  • Other goods increased $0.5 billion.
  • Industrial supplies and materials increased $0.3 billion.

  Net balance of payments adjustments increased less than $0.1 billion.

Exports of services increased $0.1 billion to $69.6 billion in October.

  • Financial services increased $0.1 billion.
  • Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.
  • Transport decreased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $0.5 billion to $219.6 billion in October.

  Imports of goods on a Census basis increased $0.3 billion.

  • Consumer goods increased $2.0 billion.
    • Pharmaceutical preparations increased $1.5 billion.
  • Other goods increased $0.8 billion.
  • Automotive vehicles, parts, and engines increased $0.7 billion.
  • Capital goods decreased $3.2 billion.
    • Telecommunications equipment decreased $1.0 billion.
    • Computer accessories decreased $0.8 billion.
    • Computers decreased $0.7 billion.

  Net balance of payments adjustments increased $0.2 billion.

Imports of services increased $0.2 billion to $46.9 billion in October.

  • Travel (for all purposes including education) increased $0.2 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $0.6 billion to $87.9 billion in October.

  • Real exports of goods decreased $1.2 billion to $149.6 billion.
  • Real imports of goods decreased $0.5 billion to $237.5 billion.

Revisions

Exports and imports of goods and services were revised for April through September 2018 to incorporate more comprehensive and updated quarterly and monthly data.

Revisions to September exports

  • Exports of goods were revised up less than $0.1 billion.
  • Exports of services were revised down $1.2 billion.

Revisions to September imports

  • Imports of goods were revised up less than $0.1 billion.
  • Imports of services were revised down $0.7 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The October figures show surpluses, in billions of dollars, with South and Central America ($3.7), Hong Kong ($2.4), Brazil ($0.7), and Singapore ($0.6). Deficits were recorded, in billions of dollars, with China ($38.2), European Union ($15.1), Mexico ($6.4), Germany ($5.8), Japan ($5.5), Italy ($2.7), OPEC ($2.3), Canada ($2.0), India ($2.0), Saudi Arabia ($1.8), South Korea ($1.8), Taiwan ($1.2), France ($1.1), and United Kingdom (less than $0.1).

  • The deficit with the European Union increased $0.9 billion to $15.1 billion in October. Exports decreased $0.9 billion to $26.3 billion and imports decreased less than $0.1 billion to $41.3 billion.
  • The deficit with China increased $0.7 billion to $38.2 billion in October. Exports decreased $2.6 billion to $7.6 billion and imports decreased $1.9 billion to $45.7 billion.
  • The deficit with Mexico decreased $1.2 billion to $6.4 billion in October. Exports decreased $0.1 billion to $22.4 billion and imports decreased $1.3 billion to $28.8 billion.

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis (exhibit 20)

Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, third-quarter figures are now available.

The third-quarter figures show surpluses, in billions of dollars, with South and Central America ($20.6), Hong Kong ($7.7), Brazil ($7.1), Singapore ($4.2), and United Kingdom ($3.7). Deficits were recorded, in billions of dollars, with China ($95.9), European Union ($30.2), Mexico ($21.6), Germany ($16.3), Japan ($13.4), Italy ($8.8), India ($5.7), France ($3.8), Canada ($2.7), South Korea ($2.2), Taiwan ($2.0), Saudi Arabia ($2.0), and OPEC ($0.9).

  • The deficit with China increased $10.3 billion to $95.9 billion in the third quarter. Exports decreased $3.1 billion to $46.0 billion and imports increased $7.2 billion to $141.9 billion.
  • The deficit with the European Union increased $6.3 billion to $30.2 billion in the third quarter. Exports decreased $2.0 billion to $143.2 billion and imports increased $4.2 billion to $173.4 billion.
  • The deficit with Japan decreased $1.9 billion to $13.4 billion in the third quarter. Exports increased $0.5 billion to $30.4 billion and imports decreased $1.5 billion to $43.7 billion.

*             *             *

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in Exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s Web site at www.bea.gov/news/schedule.

*             *             *

Next release: January 8, 2019, at 8:30 A.M. EST

U.S. International Trade in Goods and Services, November 2018

*             *             *

U.S. International Trade in Goods and Services Release Dates in 2019

Statistical Month Date
November 2018 January 8
December 2018 February 5
January 2019 March 7
February 2019 April 3
March 2019 May 7
April 2019 June 6
May 2019 July 3
June 2019 August 2
July 2019 September 4
August 2019 October 4
September 2019 November 5
October 2019 December 5