The U.S. monthly international trade deficit increased in October 2012, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $40.3 billion (revised) in September to $42.2 billion in October, as exports decreased more than imports. The previously published September deficit was $41.5 billion. The goods deficit increased $1.8 billion from September to $59.2 billion in October, and the services surplus decreased $0.1 billion to $16.9 billion.
Exports
Exports of goods and services decreased $6.8 billion in October to $180.5 billion, mostly reflecting a decrease in exports of goods. Exports of services also decreased.
- The decrease in exports of goods was mostly accounted for by decreases in industrial supplies and materials, capital goods, and foods, feeds, and beverages.
- The decrease in exports of services was more than accounted for by decreases in travel and passenger fares. An increase in other private services, which includes items such as business, professional, and technical services, insurance services, and financial services, was partly offsetting.
Imports
Imports of goods and services decreased $4.9 billion in October to $222.8 billion, mostly reflecting a decrease in imports of goods. Imports of services also decreased.
- The decrease in imports of goods mostly reflected a decrease in consumer goods.
- The decrease in imports of services was more than accounted for by decreases in travel, passenger fares, and other transportation, which includes freight and port services. An increase in other private services was partly offsetting.
Goods by geographic area (not seasonally adjusted)
- The goods deficit with China increased from $29.1 billion in September to $29.5 billion in October. Exports increased $2.0 billion to $10.8 billion, while imports increased $2.4 billion to $40.3 billion.
- The goods deficit with Japan increased from $4.8 billion in September to $7.0 billion in October. Exports decreased $0.5 billion to $5.7 billion, while imports increased $1.7 billion to $12.7 billion.
- The goods deficit with the European Union increased from $8.6 billion in September to $10.6 billion in October. Exports increased $0.3 billion to $21.7 billion, while imports increased $2.2 billion to $32.2 billion.
To learn more about U.S. international trade in goods and services, read the full report.