U.S. International Trade Deficit Up in September

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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $84.4 billion in September, up $13.6 billion from $70.8 billion in August (revised). As the economy continues to expand, consumers are buying more raising the deficit. The news comes on Election Day where under new Trump Administration – if it returns – proposed tariffs by Trump will cost consumers billions upon billions of dollars, send the cost of living soaring and hurt the economy overall. Trumpa-nomics 2 the sequel: Tanking the Economy Again.

“September exports were $267.9 billion, $3.2 billion less than August exports. September imports were $352.3 billion, $10.3 billion more than August imports. The September increase in the goods and services deficit reflected an increase in the goods deficit of $14.2 billion to $109.0 billion and an increase in the services surplus of $0.6 billion to $24.6 billion. Year-to-date, the goods and services deficit increased $69.6 billion, or 11.8 %, from the same period in 2023. Exports increased $84.7 billion or 3.7 %. Imports increased $154.4 billion or 5.3 %,” the Bureaus said.

Key Data Points September

Imports of goods increased $10.9 billion to $285.0 billion in September. Imports of goods on a Census basis increased $11.0 billion.

• Consumer goods increased $4.0 billion.
• Pharmaceutical preparations increased $1.9 billion.
• Capital goods increased $2.8 billion.
• Computers increased $1.0 billion.
• Semiconductors increased $0.8 billion.
• Industrial supplies and materials increased $2.2 billion.
• Non-monetary gold increased $0.7 billion.
• Finished metal shapes increased $0.6 billion.
• Automotive vehicles, parts, and engines increased $1.2 billion. Passenger cars increased $0.9 billion.

Trade in Goods by Countries and Areas

The September figures show surpluses, in billions of dollars, with:

• South and Central America ($3.5),
• Netherlands ($3.2),
• Hong Kong ($2.2),
• United Kingdom ($1.4),
• Australia ($1.4),
• Singapore ($1.3),
• Brazil ($1.1)
• Belgium ($0.3).

Deficits were recorded, in billions of dollars, with:

• China ($26.9),
• European Union ($23.8),
• Mexico ($16.0),
• Vietnam ($12.2),
• Ireland ($9.3),
• Taiwan ($7.0),
• Germany ($7.0),
• Canada ($5.7),
• South Korea ($5.7),
• Japan ($5.3),
• India ($3.4),
• Italy ($3.4),
• Switzerland ($2.3),
• Malaysia ($2.1),
• France ($1.1),
• Israel ($0.8),
• Saudi Arabia ($0.2).