News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Thursday, November 3, 2022
CB 22–180
BEA 22–49

U.S. International Trade in Goods and Services, September 2022

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $73.3 billion in September, up $7.6 billion from $65.7 billion in August, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$73.3 Billion

+11.6%°

Exports:

$258.0 Billion

–1.1%°

Imports:

$331.3 Billion

+1.5%°

Next release: Tuesday, December 6, 2022

(°) 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, November 3, 2022

Goods and Services Trade Deficit: Seasonally adjusted

Exports, Imports, and Balance (exhibit 1)

September exports were $258.0 billion, $2.8 billion less than August exports. September imports were $331.3 billion, $4.8 billion more than August imports.

The September increase in the goods and services deficit reflected an increase in the goods deficit of $6.6 billion to $92.7 billion and a decrease in the services surplus of $1.0 billion to $19.5 billion.

Year-to-date, the goods and services deficit increased $125.6 billion, or 20.2 percent, from the same period in 2021. Exports increased $378.1 billion or 20.2 percent. Imports increased $503.6 billion or 20.2 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $2.5 billion to $69.8 billion for the three months ending in September.

  • Average exports decreased $0.3 billion to $259.5 billion in September.
  • Average imports decreased $2.8 billion to $329.3 billion in September.

Year-over-year, the average goods and services deficit decreased $3.2 billion from the three months ending in September 2021.

  • Average exports increased $45.6 billion from September 2021.
  • Average imports increased $42.4 billion from September 2021.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $3.7 billion to $180.2 billion in September.

  Exports of goods on a Census basis decreased $3.4 billion.

  • Industrial supplies and materials decreased $2.3 billion.
    • Crude oil decreased $1.0 billion.
    • Nonmonetary gold decreased $0.8 billion.
  • Foods, feeds, and beverages decreased $2.1 billion.
    • Soybeans decreased $1.7 billion.
  • Capital goods increased $1.2 billion.
    • Telecommunications equipment increased $0.6 billion.
    • Semiconductors increased $0.4 billion.

  Net balance of payments adjustments decreased $0.3 billion.

Exports of services increased $0.9 billion to $77.8 billion in September.

  • Travel increased $0.6 billion.
  • Transport increased $0.1 billion.
  • Financial services increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $2.9 billion to $272.9 billion in September.

  Imports of goods on a Census basis increased $2.8 billion.

  • Capital goods increased $3.3 billion.
    • Semiconductors increased $1.1 billion.
    • Civilian aircraft increased $0.8 billion.
    • Telecommunications equipment increased $0.7 billion.
  • Consumer goods increased $1.1 billion.
    • Cell phones and other household goods increased $1.4 billion.
    • Pharmaceutical preparations increased $1.4 billion.
  • Industrial supplies and materials decreased $2.0 billion.
    • Fuel oil decreased $0.8 billion.
    • Crude oil decreased $0.5 billion.
    • Other petroleum products decreased $0.5 billion.

  Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $1.9 billion to $58.4 billion in September.

  • Travel increased $1.6 billion.
  • Transport increased $0.3 billion.

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

The real goods deficit increased $6.7 billion to $103.8 billion in September.

  • Real exports of goods decreased $1.3 billion to $162.9 billion.
  • Real imports of goods increased $5.4 billion to $266.8 billion.

Revisions

Revisions to August exports

  • Exports of goods were revised up $1.4 billion.
  • Exports of services were revised up $0.5 billion.

Revisions to August imports

  • Imports of goods were revised down $0.1 billion.
  • Imports of services were revised up $0.3 billion.

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

The September figures show surpluses, in billions of dollars, with South and Central America ($6.9), Netherlands ($4.3), Singapore ($2.5), Hong Kong ($1.8), Australia ($1.6), United Kingdom ($1.3), Brazil ($1.2), and Belgium ($0.3). Deficits were recorded, in billions of dollars, with China ($32.1), European Union ($16.0), Mexico ($11.9), Vietnam ($10.1), Germany ($7.1), Ireland ($5.5), Canada ($5.3), Japan ($5.2), South Korea ($4.2), Taiwan ($3.8), Italy ($3.6), Malaysia ($3.4), India ($2.5), Switzerland ($1.9), France ($0.8), Saudi Arabia ($0.8), and Israel ($0.5).

  • The deficit with the European Union increased $2.5 billion to $16.0 billion in September. Exports decreased $0.3 billion to $29.9 billion and imports increased $2.2 billion to $45.9 billion.
  • The deficit with Mexico increased $2.1 billion to $11.9 billion in September. Exports decreased $1.4 billion to $27.6 billion and imports increased $0.7 billion to $39.6 billion.
  • The deficit with China decreased $1.4 billion to $32.1 billion in September. Exports decreased $0.9 billion to $12.2 billion and imports decreased $2.3 billion to $44.3 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 website at www.bea.gov/news/schedule.

 

Next release: December 6, 2022, at 8:30 a.m. EST
U.S. International Trade in Goods and Services, October 2022