U.S. trade deficit falls to $63.9 billion in September
- The U.S. trade deficit fell in September after hitting a 14-year high the previous month as exports outpaced imports.
- The gap between what the U.S. sells and what it buys abroad fell to $63.9 billion in September, a decline of 4.7%, from a $67 billion deficit in August, the Commerce Department reported Wednesday.
- September exports rose 2.6% to $176.4 billion, pushed higher by the food and beverage category, where shipments worth $12.9 billion were the highest since July of 2012. Soybean exports rose 63% in September. Imports ticked up 0.5% to $240.2 billion, also helped by $13.5 billion in the food and beverage category, which were the highest on record.
- Year to date, the goods, and services deficit has jumped $38.5 billion, or 8.6%, to $485.6 billion. The total deficit for goods and services for the same period in 2019 was $447.1 billion. Total exports are down 17.4% this year from 2019, while imports have declined by 12.4% as the coronavirus pandemic has sabotaged global commerce this year and disrupted global supply chains everywhere.