International Trade Balance Widened in October

The U.S. international trade deficit expanded in October to $42.6 billion, up from $36.2 billion in September, according to the U.S. Census Bureau of Economic Analysis. The expansion reflected a $3.4 billion decrease in exports along with a $3.0 billion increase in imports.

The goods deficit increased $6.3 billion to $63.4 billion, while the services surplus fell $0.1 billion to $20.8 billion.

Exports of goods fell $3.5 billion to $123.1 billion in October, driven by decreases in foods, industrial supplies and consumer goods. Exports of foods fell by $1.4 billion, largely due to a $1.0 billion decrease in soybean exports. Industrial supplies fell $1.0 billion due to declines in gold and fuel-oil exports. Consumer goods exports fell by $0.9 billion. Exports of services increased $0.1 billion to $63.3 billion.

Imports of goods increased $2.8 billion to $186.5 billion, mostly due to an increase in consumer goods which rose by $2.7 billion. Capital goods imports also increased, rising by $1.1 billion. Imports of services increased $0.2 billion to $42.4 billion in October.

Read the Census/BEA release.