US October Services Trade Balance1 2 >>
Jan 7, 2001
The US trade deficit in October was $33.2 billion after exports of goods and services totaled $91.2 billion and imports of goods and services were $124.4 billion according to data released by the Bureau of the Census and the Bureau of Economic Analysis on 19 December 2000. Despite a reduction in exports of $1.4 billion from September exports of $92.7 billion, the deficit in October was $600 million less than the $33.7 billion deficit reported for September as a result of a reduction in imports by $2.0 billion in October. The $200 million increase in the goods deficit in October to $39.5 billion was offset by the $700 million increase in the services surplus that reached $6.3 billion in October. Despite the strong dollar, imports decreased as a result of the slowdown in the manufacturing sector. Imports of industrial supplies and materials and of capital goods were reduced by $0.5 billion respectively, while imports of consumer goods decreased by $0.1 billion. Exports of goods were hurt by the strong dollar with exports of consumer goods and exports of capital goods most hurt. The services balance has remained virtually unchanged in the past two years while the goods balance presented a constant deterioration as a result of fast growth and a strong US dollar (Graph 1).
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