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

12/07/2021 | 11:52am EST

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.

U.S. International Trade in Goods and Services Deficit
Deficit:

$67.1 Billion

-17.6%°

Exports:

$223.6 Billion

+8.1%°

Imports:

$290.7 Billion

+0.9%°

Next release: Thursday, January 6, 2022

(°) 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 7, 2021

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.

COVID-19 Impact on International Trade in Goods and Services

The global pandemic and the economic recovery continued to impact international trade in October 2021. The full economic effects of the pandemic cannot be quantified in the statistics because the impacts are generally embedded in source data and cannot be separately identified.

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.

* * *

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.

* * *

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

* * *

U.S. International Trade in Goods and Services Release Dates in 2022

Statistical Month Date
November 2021 January 6
December 2021 February 8
January 2022 March 8
February 2022 April 5
March 2022 May 4
April 2022 June 7
May 2022 July 7
June 2022 August 4
July 2022 September 7
August 2022 October 5
September 2022 November 3
October 2022 December 6

Disclaimer

BEA - Bureau of Economic Analysis published this content on 07 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 December 2021 16:51:02 UTC.


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