Trade Shrinks in October

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced Thursday that the goods and services deficit was $73.8 billion in October, down $10.0 billion from $83.8 billion in September, revised.

October exports were $265.7 billion, $4.3 billion less than September exports. October imports were $339.6 billion, $14.3 billion less than September imports.

The October decrease in the goods and services deficit reflected a decrease in the goods deficit of $10.4 billion to $98.7 billion and a decrease in the services surplus of $0.4 billion to $24.8 billion.

Year-to-date, the goods and services deficit increased $80.7 billion, or 12.3 percent, from the same period in 2023. Exports increased $94.0 billion or 3.7 percent. Imports increased $174.7 billion or 5.4 percent.

Country and Other Highlights

• The October deficits with Mexico ($16.4 billion), India ($5.0 billion) and Thailand ($4.8 billion) were the highest on record.
• October imports from Mexico ($45.5 billion) and Thailand ($6.2 billion) were the highest on record.
• October exports to the United Kingdom ($7.7 billion) were the highest on record.