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The Goods and Services Deficit Increased to $43.9 billion in October 2015

Fri Dec 04 2015
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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.9 billion in October, up $1.4 billion from $42.5 billion in September, revised. October exports were $184.1 billion, $2.7 billion less than September exports. October imports were $228.0 billion, $1.3 billion less than September imports.

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The October increase in the goods and services deficit reflected an increase in the goods deficit of $2.1 billion to $63.1 billion and an increase in the services surplus of $0.6 billion to $19.2 billion.

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Year-to-date, the goods and services deficit increased $22.2 billion, or 5.3 percent, from the same period in 2014. Exports decreased $84.7 billion or 4.3 percent. Imports decreased $62.5 billion or 2.6 percent.

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Exports of goods decreased $3.1 billion to $123.8 billion in October.

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Exports of goods on a Census basis decreased $3.0 billion.

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  • Industrial supplies and materials decreased $1.6 billion.
    • Fuel oil decreased $0.4 billion.
    • Other petroleum products decreased $0.4 billion.
  • Capital goods decreased $0.9 billion.
    • Industrial engines decreased $0.5 billion.

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Net balance of payments adjustments decreased $0.1 billion.

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Exports of services increased $0.4 billion to $60.3 billion in October.

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  • Transport, which includes freight and port services and passenger fares, increased $0.2 billion.
  • Financial services increased $0.2 billion.

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Imports of goods decreased $1.0 billion to $186.8 billion in October.

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Imports of goods on a Census basis decreased $1.2 billion.

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  • Industrial supplies and materials decreased $2.0 billion.
    • Crude oil decreased $1.1 billion.
    • Other petroleum products decreased $0.4 billion.
  • Foods, feeds, and beverages decreased $0.4 billion.
    • Meat products decreased $0.1 billion.

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Net balance of payments adjustments increased $0.1 billion.

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Imports of services decreased $0.2 billion to $41.1 billion in October.

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  • Travel (for all purposes including education) decreased $0.2 billion.
  • Transport decreased $0.1 billion.

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The October figures show surpluses, in billions of dollars, with South and Central America ($2.8), United Kingdom ($0.6), and OPEC ($0.4). Deficits were recorded, in billions of dollars, with China ($30.2), European Union ($13.3), Mexico ($6.3), Germany ($6.2), Japan ($5.3), Italy ($2.3), South Korea ($2.3), India ($2.0), France ($1.7), Canada ($0.2), Brazil ($0.2), and Saudi Arabia (less than $0.1).

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  • The surplus with members of OPEC decreased $1.3 billion to $0.4 billion in October. Exports decreased $1.6 billion to $5.1 billion and imports decreased $0.3 billion to $4.7 billion.
  • The deficit with Mexico increased $0.9 billion to $6.3 billion in October. Exports increased $0.1 billion to $19.7 billion and imports increased $1.0 billion to $26.0 billion.
  • The balance with the United Kingdom shifted from a deficit of $1.2 billion to a surplus of $0.6 billion in October. Exports increased $0.4 billion to $5.2 billion and imports decreased $1.4 billion to $4.5 billion.

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NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise speci.

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