The census bureau Advance International Trade reports shows the trade deficit widened by 9.6% from $56.5 billion in September to $62.0 billion in October.
Advance International Trade in Goods
The international trade deficit was $62.0 billion in October, up $5.5 billion from $56.5 billion in September. Exports of goods for October were $122.1 billion, $3.4 billion less than September exports. Imports of goods for October were $184.1 billion, $2.1 billion more than September imports.
Export Import Details
- Other than the relatively minor category of “other goods”, exports were down across the board from September.
- From October a year ago, exports were down or flat except for “other goods” and the category of Food, Feeds, and Beverages.
- This month, exports of Food, Feeds, and Beverages declined 11.8%.
The strengthening US dollar is going to increasingly come into play, dampening exports. The huge rise in grain exports is also expected to stall.
Mike “Mish” Shedlock