U.S. International Trade in Goods and Services, October 2021

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $67.1 billion in October, down $14.3 billion from $81.4 billion in September, revised.

Exports, Imports, and Balance (exhibit 1)

October exports were $223.6 billion, $16.8 billion more than September exports. October imports were $290.7 billion, $2.5 billion more than September imports.

The October decrease in the goods and services deficit reflected a decrease in the goods deficit of $14.0 billion to $83.9 billion and an increase in the services surplus of $0.3 billion to $16.8 billion.

Year-to-date, the goods and services deficit increased $161.7 billion, or 29.7 percent, from the same period in 2020. Exports increased $315.1 billion or 17.9 percent. Imports increased $476.8 billion or 20.7 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $1.1 billion to $73.9 billion for the three months ending in October.

• Average exports increased $3.7 billion to $214.5 billion in October.
• Average imports increased $2.7 billion to $288.5 billion in October.

Year-over-year, the average goods and services deficit increased $10.6 billion from the three months ending in October 2020.

• Average exports increased $36.2 billion from October 2020.
• Average imports increased $46.8 billion from October 2020.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $15.8 billion to $158.7 billion in October.

Exports of goods on a Census basis increased $15.7 billion.

• Industrial supplies and materials increased $6.4 billion.
  • Crude oil increased $1.2 billion.
  • Nonmonetary gold increased $1.0 billion.
• Capital goods increased $3.1 billion.
  • Other industrial machines increased $0.8 billion.
  • Civilian aircraft increased $0.7 billion.
• Foods, feeds, and beverages increased $2.1 billion.
  • Soybeans increased $1.8 billion.
• Consumer goods increased $1.6 billion.
  • Gem diamonds increased $1.1 billion.
  • Pharmaceutical preparations decreased $0.6 billion.
• Automotive vehicles, parts, and engines increased $1.5 billion.

Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $1.0 billion to $64.9 billion in October.

• Travel increased $0.4 billion.
• Other business services increased $0.3 billion.
• Charges for the use of intellectual property increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $1.8 billion to $242.7 billion in October.

Imports of goods on a Census basis increased $1.9 billion.

• Automotive vehicles, parts, and engines increased $1.5 billion.
  • Passenger cars increased $1.1 billion.
• Consumer goods increased $0.9 billion.
  • Gem diamonds increased $0.7 billion.
  • Cell phones and other household goods increased $0.6 billion.
• Industrial supplies and materials decreased $0.5 billion.
  • Organic chemicals decreased $1.2 billion.
  • Other petroleum products decreased $0.6 billion.
  • Fuel oil increased $0.6 billion.
• Capital goods decreased $0.5 billion.
  • Semiconductors decreased $0.6 billion.
  • Civilian aircraft decreased $0.5 billion.

Net balance of payments adjustments decreased $0.1 billion.

Imports of services increased $0.7 billion to $48.1 billion in October.

• Transport increased $0.4 billion.
• Travel increased $0.1 billion.

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

The real goods deficit decreased $13.5 billion to $97.6 billion in October.

• Real exports of goods increased $13.2 billion to $152.2 billion.
• Real imports of goods decreased $0.3 billion to $249.8 billion.

Revisions

Exports and imports of goods and services were revised for April through September 2021 to incorporate more comprehensive and updated quarterly and monthly data.

Revisions to September exports

• Exports of goods were revised up $0.2 billion.
• Exports of services were revised down $1.0 billion.

Revisions to September imports

• Imports of goods were revised up less than $0.1 billion.
• Imports of services were revised down $0.3 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 ($4.5), Hong Kong ($2.6), Brazil ($1.3), United Kingdom ($1.0), and Singapore ($0.5). Deficits were recorded, in billions of dollars, with China ($28.3), European Union ($16.6), Mexico ($9.7), Germany ($5.7), Taiwan ($4.3), Japan ($3.6), Italy ($3.4), Canada ($3.3), India ($3.1), South Korea ($2.7), France ($1.4), and Saudi Arabia ($0.1).

• The deficit with China decreased $3.2 billion to $28.3 billion in October. Exports increased $2.8 billion to $13.8 billion and imports decreased $0.4 billion to $42.2 billion.
• The deficit with the European Union decreased $2.1 billion to $16.6 billion in October. Exports increased $1.6 billion to $24.9 billion and imports decreased $0.5 billion to $41.5 billion.
• The deficit with Mexico increased $0.8 billion to $9.7 billion in October. Exports increased $0.9 billion to $23.4 billion and imports increased $1.8 billion to $33.0 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 ($21.4), Brazil ($7.2), Hong Kong ($7.0), Singapore ($6.6), United Kingdom ($3.3), and Saudi Arabia ($0.7). Deficits were recorded, in billions of dollars, with China ($80.2), European Union ($43.8), Mexico ($25.6), Germany ($18.4), Japan ($15.7), India ($10.9), Taiwan ($10.8), Italy ($10.4), South Korea ($7.6), Canada ($7.5), and France ($6.2).

• The deficit with the European Union increased $7.3 billion to $43.8 billion in the third quarter. Exports increased $0.5 billion to $114.7 billion and imports increased $7.8 billion to $158.5 billion.
• The deficit with South Korea increased $3.0 billion to $7.6 billion in the third quarter. Exports decreased $0.8 billion to $21.6 billion and imports increased $2.2 billion to $29.2 billion.
• The deficit with China decreased $1.9 billion to $80.2 billion in the third quarter. Exports decreased $3.3 billion to $45.2 billion and imports decreased $5.2 billion to $125.4 billion.

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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.

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Next release: January 6, 2022 at 8:30 A.M. EST
U.S. International Trade in Goods and Services, November 2021

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