U.S. International Trade in Goods and Services, October 2022

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $78.2 billion in October, up $4.0 billion from $74.1 billion in September, revised.

U.S. International Trade in Goods and Services Deficit

Deficit:

$78.2 Billion

+5.4%°

Exports:

$256.6 Billion

–0.7%°

Imports:

$334.8 Billion

+0.6%°

Next release: Thursday, January 5, 2023

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, December 6, 2022

Exports, Imports, and Balance (exhibit 1)

October exports were $256.6 billion, $1.9 billion less than September exports. October imports were $334.8 billion, $2.2 billion more than September imports.

The October increase in the goods and services deficit reflected an increase in the goods deficit of $6.1 billion to $99.6 billion and an increase in the services surplus of $2.1 billion to $21.4 billion.

Year-to-date, the goods and services deficit increased $136.9 billion, or 19.9 percent, from the same period in 2021. Exports increased $415.3 billion or 19.8 percent. Imports increased $552.2 billion or 19.8 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $2.5 billion to $72.7 billion for the three months ending in October.

Average exports decreased $1.4 billion to $258.9 billion in October.
Average imports increased $1.1 billion to $331.6 billion in October.

Year-over-year, the average goods and services deficit increased less than $0.1 billion from the three months ending in October 2021.

Average exports increased $41.2 billion from October 2021.
Average imports increased $41.2 billion from October 2021.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $3.7 billion to $176.0 billion in October.

Exports of goods on a Census basis decreased $3.6 billion.

Industrial supplies and materials decreased $2.4 billion.
Natural gas decreased $1.4 billion.
Other petroleum products decreased $1.3 billion.
Crude oil increased $1.6 billion.
Consumer goods decreased $2.0 billion.
Pharmaceutical preparations decreased $2.2 billion.
Foods, feeds, and beverages increased $0.5 billion.
Soybeans increased $1.6 billion.

Net balance of payments adjustments decreased $0.2 billion.

Exports of services increased $1.8 billion to $80.6 billion in October.

Travel increased $0.8 billion.
Transport increased $0.4 billion.
Other business services increased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $2.4 billion to $275.6 billion in October.

Imports of goods on a Census basis increased $2.6 billion.

Other goods increased $1.4 billion.
Industrial supplies and materials increased $1.1 billion.
Fuel oil increased $0.4 billion.
Finished metal shapes increased $0.3 billion.
Nuclear fuel materials increased $0.3 billion.
Automotive vehicles, parts, and engines increased $0.7 billion.
Passenger cars increased $0.7 billion.
Consumer goods decreased $0.6 billion.
Cell phones and other household goods decreased $2.0 billion.
Toys, games, and sporting goods decreased $1.0 billion.
Pharmaceutical preparations increased $2.7 billion.
Net balance of payments adjustments decreased $0.2 billion.

Imports of services decreased $0.2 billion to $59.2 billion in October.

Transport decreased $0.5 billion.
Travel increased $0.1 billion.
Telecommunications, computer, and information services increased $0.1 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $8.3 billion to $112.6 billion in October

Real exports of goods decreased $4.0 billion to $158.4 billion.
Real imports of goods increased $4.3 billion to $271.0 billion.

Revisions

Exports and imports of goods and services were revised for April through September 2022 to incorporate more comprehensive and updated quarterly and monthly data

Revisions to September exports

Exports of goods were revised down $0.5 billion.
Exports of services were revised up $1.0 billion.

Revisions to September imports

Imports of goods were revised up $0.3 billion.
Imports of services were revised up $1.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The October figures show surpluses, in billions of dollars, with South and Central America ($5.0), Netherlands ($4.1), Hong Kong ($1.5), United Kingdom ($1.1), Singapore ($0.7), Australia ($0.6), and Brazil ($0.5). Deficits were recorded, in billions of dollars, with China ($26.1), European Union ($23.1), Mexico ($11.6), Vietnam ($9.4), Germany ($8.1), Ireland ($6.7), Japan ($6.4), Canada ($4.8), Italy ($4.0), Taiwan ($4.0), Malaysia ($3.1), South Korea ($3.0), India ($2.8), France ($1.6), Saudi Arabia ($1.0), Israel ($0.7), Switzerland ($0.5), and Belgium ($0.3).

The deficit with the European Union increased $7.1 billion to $23.1 billion in October. Exports decreased $1.2 billion to $28.8 billion and imports increased $5.9 billion to $51.9 billion.
The surplus with Singapore decreased $1.9 billion to $0.7 billion in October. Exports decreased $0.8 billion to $4.0 billion and imports increased $1.1 billion to $3.3 billion.
The deficit with China decreased $6.0 billion to $26.1 billion in October. Exports increased $1.4 billion to $13.6 billion and imports decreased $4.6 billion to $39.7 billion.

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis (exhibit 20)

Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, third-quarter figures are now available.

The third-quarter figures show surpluses, in billions of dollars, with South and Central America ($28.2), Netherlands ($15.2), Singapore ($11.6), Brazil ($7.6), Australia ($7.1), Hong Kong ($6.8), United Kingdom ($6.4), Switzerland ($5.4), Belgium ($2.0), and Ireland ($0.3). Deficits were recorded, in billions of dollars, with China ($94.9), Mexico ($35.2), Vietnam ($29.4), European Union ($25.6), Germany ($17.8), Canada ($15.0), Japan ($13.9), Taiwan ($13.0), India ($11.1), Italy ($10.5), South Korea ($9.0), Malaysia ($8.8), France ($2.7), Israel ($2.6), and Saudi Arabia ($0.5).

The deficit with the European Union decreased $9.9 billion to $25.6 billion in the third quarter. Exports increased $1.6 billion to $151.6 billion and imports decreased $8.3 billion to $177.2 billion.
The deficit with Canada decreased $5.5 billion to $15.0 billion in the third quarter. Exports increased $0.5 billion to $109.6 billion and imports decreased $5.1 billion to $124.5 billion.
The deficit with Mexico increased $2.1 billion to $35.2 billion in the third quarter. Exports increased $0.1 billion to $94.0 billion and imports increased $2.1 billion to $129.2 billion.

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services.

The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/

or on BEA’s website at www.bea.gov/news/schedule.

January 5, 2023, at 8:30 a.m. EST
U.S. International Trade in Goods and Services, November 2022

U.S. International Trade in Goods and Services Release Dates in 2023

Statistical MonthDate

November 2022January 5

December 2022February 7

January 2023 March 8

February 2023 April 5

March 2023 May 4

April 2023 June 7

May 2023 July 6