U.S. International Trade in Goods and Services, September 2023
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $61.5 billion in September, up $2.9 billion from $58.7 billion in August, revised.
Next release: Wednesday, December 6, 2023
(°) 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 7, 2023
Exports, Imports, and Balance (exhibit 1)
September exports were $261.1 billion, $5.7 billion more than August exports. September imports were $322.7 billion, $8.6 billion more than August imports.
The September increase in the goods and services deficit reflected an increase in the goods deficit of $1.7 billion to $86.3 billion and a decrease in the services surplus of $1.2 billion to $24.8 billion.
Year-to-date, the goods and services deficit decreased $147.4 billion, or 20.0 percent, from the same period in 2022. Exports increased $22.7 billion or 1.0 percent. Imports decreased $124.8 billion or 4.2 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit decreased $0.7 billion to $61.6 billion for the three months ending in September.
- Average exports increased $4.5 billion to $256.1 billion in September.
- Average imports increased $3.7 billion to $317.8 billion in September.
Year-over-year, the average goods and services deficit decreased $8.6 billion from the three months ending in September 2022.
- Average exports decreased $4.6 billion from September 2022.
- Average imports decreased $13.2 billion from September 2022.
Exports (exhibits 3, 6, and 7)
Exports of goods increased $5.3 billion to $176.7 billion in September.
Exports of goods on a Census basis increased $4.8 billion.
- Industrial supplies and materials increased $1.4 billion.
- Other petroleum products increased $0.6 billion.
- Crude oil increased $0.4 billion.
- Foods, feeds, and beverages increased $1.4 billion.
- Soybeans increased $0.6 billion.
- Corn increased $0.4 billion.
- Other goods increased $0.8 billion.
Net balance of payments adjustments increased $0.5 billion.
Exports of services increased $0.3 billion to $84.4 billion in September.
- Travel increased $0.3 billion.
- Transport increased $0.1 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods increased $7.0 billion to $263.0 billion in September.
Imports of goods on a Census basis increased $6.9 billion.
- Consumer goods increased $2.0 billion.
- Cell phones and other household goods increased $1.8 billion.
- Automotive vehicles, parts, and engines increased $1.9 billion.
- Passenger cars increased $1.7 billion.
- Capital goods increased $1.6 billion.
- Computer accessories increased $0.4 billion.
- Civilian aircraft parts increased $0.3 billion.
- Other industrial machinery increased $0.3 billion.
- Materials handling equipment increased $0.3 billion.
- Industrial supplies and materials increased $1.2 billion.
- Crude oil increased $1.4 billion.
Net balance of payments adjustments increased $0.1 billion.
Imports of services increased $1.5 billion to $59.6 billion in September.
- Transport increased $0.8 billion.
- Travel increased $0.7 billion.
Real Goods in 2017 Dollars – Census Basis (exhibit 11)
The real goods deficit increased $2.8 billion, or 3.3 percent, to $86.5 billion in September, compared to a 2.5 percent increase in the nominal deficit.
- Real exports of goods increased $2.9 billion, or 2.0 percent, to $144.4 billion, compared to a 2.9 percent increase in nominal exports.
- Real imports of goods increased $5.7 billion, or 2.5 percent, to $231.0 billion, compared to a 2.7 percent increase in nominal imports.
Revisions to August exports
- Exports of goods were revised down $0.1 billion.
- Exports of services were revised down $0.5 billion.
Revisions to August imports
- Imports of goods were revised up less than $0.1 billion.
- Imports of services were revised down $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 ($4.8), Netherlands ($3.2), Hong Kong ($2.7), Australia ($1.6), Belgium ($1.2), Singapore ($0.7), United Kingdom ($0.5), and Saudi Arabia ($0.2). Deficits were recorded, in billions of dollars, with China ($24.1), European Union ($16.8), Mexico ($12.2), Vietnam ($9.4), Japan ($6.9), Germany ($6.3), Ireland ($6.2), Canada ($5.9), Taiwan ($5.0), South Korea ($4.5), India ($3.9), Italy ($2.9), Switzerland ($2.1), Malaysia ($1.9), France ($0.9), Israel ($0.6), and Brazil ($0.3).
- The deficit with Japan increased $1.9 billion to $6.9 billion in September. Exports increased $0.2 billion to $6.7 billion and imports increased $2.1 billion to $13.6 billion.
- The deficit with Vietnam increased $1.5 billion to $9.4 billion in September. Exports increased $0.1 billion to $0.8 billion and imports increased $1.6 billion to $10.3 billion.
- The balance with Singapore shifted from a deficit of $1.0 billion in August to a surplus of $0.7 billion in September. Exports increased $0.2 billion to $4.0 billion and imports decreased $1.5 billion to $3.2 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, 2023, at 8:30 a.m. EST
U.S. International Trade in Goods and Services, October 2023