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For additional information relating to this article, please contact:

Thomas Storring	Director – Economics and Statistics
Tel: 902-424-2410	Email: thomas.storring@novascotia.ca

November 04, 2020
US TRADE BALANCE, SEPTEMBER 2020

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $63.9 billion in September, down $3.2 billion from $67.0 billion (revised) in August 2020.

The US goods trade deficit narrowed by $3.1 billion to $80.7 billion in September, while the US services trade surplus increased by less than $0.1 billion to $16.8 billion.

Both exports and imports increased in September reflecting the continued recovery from the sharp declines registered earlier in the year.

US exports increased 2.6 per cent ($4.4 billion) month-over-month to $176.4 billion in September. However, this was still below the February 2020 level of $209.7 billion.

• Exports of goods increased 3.1 per cent ($3.7 billion) from August to $122.8 billion in September. US goods exports were $138.5 billion in February.
• US services exports increased 1.3 per cent ($0.7 billion) from the previous month to $53.6 billion in September, still below the February level of $71.2 billion.

September imports of goods and services were $240.2 billion, up 0.5 per cent ($1.2 billion) from August, but below the $246.7 billion level seen in February.

• US goods imports increased 0.3 per cent ($0.6 billion) from August to $203.5 billion in September. US goods imports were $198.2 billion in February.
• US service imports increased 1.8 per cent ($0.7 billion) month-over-month to $36.8 billion in September. US services imports were $48.4 billion in February.

Year-to-date, the US trade deficit increased $38.5 billion to $485.6 billion from the same period in 2019. Compared to the January-September period a year ago, the goods trade deficit narrowed by $5.4 billion to $656.4 billion for Jan-Sep 2020, while the services trade surplus declined by $44.0 billion to $170.8 billion.

Source: US Census Bureau, US Bureau of Economic Analysis

 

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