United States Balance of Trade

The US trade gap widened to a three-month high of $73.3 billion in September of 2022 from a downwardly revised $65.7 billion deficit in August and above market forecasts of $72.2 billion. It reflects an increase in the goods deficit of $6.6 billion to $92.7 billion and a decrease in the services surplus of $1.0 billion to $19.5 billion. Total imports went up 1.5% to $331.3 billion, prompted by purchases of semiconductors, civilian aircraft, telecommunications equipment, cell phones, pharmaceutical preparations, travel and transport services. On the other hand, imports fell for fuel, crude and other petroleum products. Meanwhile, exports went down 1.1% to $258 billion, led by lower sales of crude oil, nonmonetary gold, and soybeans while shipments went up for telecommunications equipment, semiconductors and services, including travel and financial. The deficit increased with the EU and Mexico but narrowed with China.