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

December 04, 2020
US TRADE BALANCE, OCTOBER 2020

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $63.1 billion in October, $1.0 billion wider than the deficit of $62.1 billion (revised) in September 2020.

The US goods trade deficit widened by $0.6 billion to $81.4 billion in October, while the US services trade surplus narrowed by $0.4 billion to $18.3 billion.

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

US exports increased 2.2% ($4.0 billion) month-over-month to $182.0 billion in October. However, this was still below the February 2020 level of $209.7 billion.

• Exports of goods increased 3.0% ($3.7 billion) from September to $126.3 billion in October. US goods exports were $138.5 billion in February.
• US services exports increased 0.5 per cent ($0.3 billion) from the previous month to $55.7 billion in October, still below the February level of $71.2 billion.

October imports of goods and services were $245.1 billion, up 2.1% ($5.0 billion) from September, but below the $246.7 billion level seen in February.

• US goods imports increased 2.1% ($4.3 billion) from September to $207.8 billion in October. US goods imports were $198.2 billion in February.
• US service imports increased 1.9% ($0.7 billion) month-over-month to $37.4 billion in October. US services imports were $48.4 billion in February.

Year-to-date (Jan-Oct20 vs Jan-Oct19), the US trade deficit increased $46.6 billion to $536.7 billion. The goods trade deficit narrowed by $9.3 billion to $738.3 billion, while the services trade surplus declined by $37.3 billion to $201.6 billion.

Source: US Census Bureau, US Bureau of Economic Analysis

 

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