September 2024 Trade Gap is $84.4 Billion

The U.S. goods and services trade deficit increased from $70.8 billion in August (revised) to $84.4 billion in September, as exports decreased and imports increased. The goods deficit increased $14.2 billion to $109.0 billion, and the services surplus increased $0.6 billion to $24.6 billion.

Exports of goods and services decreased $3.2 billion, or 1.2 percent, in September to $267.9 billion. Exports of goods decreased $3.2 billion, and exports of services decreased less than $0.1 billion.

• The decrease in exports of goods reflected decreases in capital goods ($1.9 billion), in consumer goods ($1.4 billion), and in industrial supplies and materials ($1.4 billion).
• The decrease in exports of services reflected a decrease in maintenance and repair services ($0.2 billion). Increases in government goods and services ($0.1 billion) and in transport ($0.1 billion) partly offset the decrease.

Imports of goods and services increased $10.3 billion, or 3.0 percent, in September to $352.3 billion. Imports of goods increased $10.9 billion, and imports of services decreased $0.6 billion.

• The increase in imports of goods reflected increases in consumer goods ($4.0 billion), in capital goods ($2.8 billion), in industrial supplies and materials ($2.2 billion), and in automotive vehicles, parts, and engines ($1.2 billion).
• The decrease in imports of services reflected decreases in charges for the use of intellectual property ($0.8 billion) and in travel ($0.2 billion). An increase in transport ($0.3 billion) partly offset the decreases.

Real, or inflation-adjusted, statistics are also available for trade in goods (Census basis). The real goods deficit increased 13.1 percent in September, compared to a 15.3 percent increase in the nominal deficit. Real exports of goods decreased 1.2 percent, compared to a 2.0 percent decrease in nominal exports. Real imports of goods increased 4.1 percent, compared to a 4.0 percent increase in nominal imports.

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