The U.S. trade deficit narrowed for October compared to September primarily due to the country recording higher fall in imports than exports. The Commerce Department disclosed that October exports slipped 0.8 percent to $179.2 billion from $180.6 billion in September, while imports slipped 1 percent to $222.6 billion from $224.8 billion in the previous month. This resulted in a trade deficit of $43.5 billion for October, 1.6 percent down from $44.2 billion in September.
The drop in overall trade deficit was due to a reduction of goods deficit that fell by $700 million, whereas the services surplus remained unchanged at $15.3 billion. While exports of goods fell by $1.5 billion to $127.8 billion, imports of goods slipped by $2.2 billion to $186.6 billion. Exports of services remained virtually unchanged at $51.4 billion for October versus September, but imports of services rose by $100 million to $36.1 billion in the same period.
The goods and services deficit grew by $4.0 billion year-on-year and exports rose 12.3 percent to $19.7 billion, while imports grew 11.9 percent to $23.7 billion for the same period.
While trade surplus were recorded with Australia, Singapore, Hong Kong and Egypt, trade deficits were registered with China, European Union, OPEC, Japan, Mexico, Germany, Ireland, Canada, Venezuela, Taiwan, Nigeria and Korea.
Advanced technology products imports were $35.9 billion compared to exports of $25.4 billion resulting in a deficit of $10.4 billion for October. Compared to September, October exports were higher by $1.2 billion and imports were higher by $3.3 billion.
The September to October fall in exports of goods indicated a fall in industries supplies and materials of $1.3 billion, consumer goods by $600 million, foods, feeds and beverages by $100 million and automotive vehicles, parts and engines by $100 million. Capital goods and other goods witnessed an increase of $500 million and $200 million respectively during the period.
Similarly, the Septem! ber to O ctober drop in imports indicated a drop in industrial supplies and materials of $3.6 billion, automotive vehicle, parts, and engines of $600 million, and other goods of $100 million. Capital goods, consumer goods and foods, feeds and beverages recorded an increase of $800 million, $100 million and $300 million respectively.
On a year-on-year basis, October goods exports witnessed increase in industrial supplies and materials of $8.5 billion, capital goods by $3.8 billion, automotive vehicle, parts and engines by $1.5 billion, consumer goods by $800 million and foods, feeds and beverages by $100 million. Other goods witnessed a fall of $300 million during the same period.
Similarly, goods imports in October grew in industrial supplies and materials of $12.0 billion, capital goods of $4.4 billion, automotive vehicles, parts and engines of $2.2 billion, foods, feeds, and beverages of $1.7 billion, and consumer goods of $900 million. Other goods witnessed a fall of $100 million on year-on-year basis.
In the services sector, there was no change in exports from September to October. The Commerce Department data indicated that increases recorded in royalties and license fees and other private services were mostly offset by fall in travel, other transportation and passenger fares. Changes in other categories of services exports were diminutive.
But imports of services grew $100 million from September to October. Higher other private services were partly offset by a fall in passenger fares. Changes in other categories of services imports were small.
On a year-on-year basis, exports of services recorded a growth of $4.4 billion. Royalties and license fees recorded higher increases of $1.5 billion followed by travel $1.1 billion and other private services $1 billion.
Similarly, imports recorded an increase of $2.0 billion. Other private services recorded the significant increase of $1 billion followed by travel of $300 million and royalties and license fees of $300 million.
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