The U.S. trade deficit widened to USD 55.5 billion in October of 2018 from an upwardly revised USD 54.6 billion in the previous month and compared with market expectations of a USD 54.9 billion gap. It is the highest deficit since October of 2008 as lower soybean sales weighed down on exports and imports reached a new record high. Balance of Trade in the United States averaged -14496.69 USD Million from 1950 until 2018, reaching an all time high of 1946 USD Million in June of 1975 and a record low of -67823 USD Million in August of 2006.

Balance of Trade in the United States is expected to be -45000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in the United States to stand at -56000.00 in 12 months time. In the long-term, the United States Balance of Trade is projected to trend around -53000.00 USD Million in 2020, according to our econometric models.

United States Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2018-09-05 12:30 PM Balance of Trade $-50.1B $-45.7B $-50.3B $ -44.8B
2018-10-05 12:30 PM Balance of Trade $-53.2B $-50B $-53.5B $ -50.3B
2018-11-02 12:30 PM Balance of Trade $-54B $-53.3B $-53.6B $ -53B
2018-12-06 01:30 PM Balance of Trade $-55.5B $-54.6B $-54.9B $ -55.4B
2019-01-08 01:30 PM Balance of Trade $-55.5B
2019-02-05 01:30 PM Balance of Trade $ -45B
2019-03-07 01:30 PM Balance of Trade



US Trade Deficit Reaches 10-Year High



The U.S. trade deficit widened to USD 55.5 billion in October of 2018 from an upwardly revised USD 54.6 billion in the previous month and compared with market expectations of a USD 54.9 billion gap. It is the highest deficit since October of 2008 as lower soybean sales weighed down on exports and imports reached a new record high.

Total exports edged down 0.1 percent month-over-month to USD 211.05 billion. Exports of goods decreased USD 0.4 billion to USD 141.5 billion, led by foods, feeds, and beverages (USD -0.7 billion), namely soybeans (USD -0.8 billion); capital goods (USD -0.5 billion), namely civilian aircraft engines (USD -0.3 billion) and civilian aircraft (USD -0.3 billion). On the other hand, other goods increased USD 0.5 billion and industrial supplies and materials rose USD 0.3 billion. Exports of services went up USD 0.1 billion to USD 69.6 billion in October: financial services increased USD 0.1 billion; other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, rose USD 0.1 billion. Transport decreased USD 0.1 billion. 

According to unadjusted data, exports fell to China (-6.7 percent), but rose to Canada (6.3 percent), Mexico (15.1 percent), the EU (2.6 percent), Japan (2.3 percent), Brazil (19.2 percent) and OPEC (2.6 percent).

Total imports advanced 0.2 percent to USD 266.5 billion, hitting a new record high. Imports of goods increased USD 0.5 billion to USD 219.6 billion, mainly due to consumer goods (USD 2 billion), namely pharmaceutical preparations (USD 1.5 billion); other goods (USD 0.8 billion); and automotive vehicles, parts, and engines (USD 0.7 billion. On the other hand, purchases fel for capital goods (USD -3.2 billion), namely telecommunications equipment (USD -1.0 billion), computer accessories USD -0.8 billion) and computers (USD -0.7 billion). Imports of services increased USD 0.2 billion to USD 46.9 billion in October. Travel (for all purposes including education) rose USD 0.2 billion.

According to unadjusted data, imports increased from all main partners: China (4.4 percent), Canada (6.4 percent), Mexico (9.3 percent), the EU (20.3 percent), Japan 823 percent), Brazil (19 percent) and OPEC (8.7 percent). 

The goods deficit with China jumped to a record high of USD 43.1 billion from USD 40.2 billion. The trade gap also widened with the EU (USD 17.6 billion from USD 10.6 billion), Japan (USD 6.2 billion from USD 3.9 billion), OPEC (USD 6.5 billion from USD 1.9 billion) and Canada (USD 1.9 billion from USD 1.8 billion) but narrowed with Mexico (USD 7.2 billion from USD 7.7 billion).

Considering the first ten months of the year, the goods and services deficit increased USD 51.3 billion, or 11.4 percent, from the same period in 2017. Exports went up USD 149.3 billion or 7.7 percent. Imports rose USD 200.6 billion or 8.4 percent.


BEA | Joana Taborda | joana.taborda@tradingeconomics.com
12/6/2018 1:57:37 PM



United States Trade Last Previous Highest Lowest Unit
Balance of Trade -55488.00 -54555.00 1946.00 -67823.00 USD Million [+]
Current Account -101460.00 -121710.00 9957.00 -215769.00 USD Million [+]
Current Account to GDP -2.40 -2.40 0.20 -6.00 percent [+]
Imports 266534.00 265913.00 266534.00 577.00 USD Million [+]
Exports 211046.00 211358.00 213593.00 772.00 USD Million [+]
External Debt 19306582.00 19180854.00 19306582.00 6570168.00 USD Million [+]
Terms of Trade 106.98 98.39 168.28 91.82 Index Points [+]
Capital Flows -29140.00 108136.00 272938.00 -193364.00 USD Million [+]
Foreign Direct Investment 47253.00 45701.00 48155.00 -9988.00 USD Million [+]
Net Long Term Tic Flows 30808.00 131679.00 157830.00 -72882.00 USD Million [+]
Gold Reserves 8133.46 8134.00 8149.05 8133.46 Tonnes [+]
Crude Oil Production 11475.00 11346.00 11475.00 3971.00 BBL/D/1K [+]
Terrorism Index 5.43 4.88 7.39 3.70 [+]
Tourism Revenues 21283.00 21375.00 21429.00 6496.00 USD Million [+]
Tourist Arrivals 6734056.00 6907642.00 8364941.00 2094287.00 [+]
Weapons Sales 12394.00 10304.00 16071.00 1769.00 USD Million [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



United States Balance of Trade

The United States has been running consistent trade deficits since 1976 due to high imports of oil and consumer products. In 2017, the biggest trade deficits were recorded with China, Mexico, Japan, Germany, Vietnam, Ireland and Italy and the biggest trade surpluses with Hong Kong, Netherlands, United Arab Emirates, Belgium, Australia, Singapore and Brazil. Mexico is the United States' 2nd largest export market and the 3rd largest supplier of imports. This page provides the latest reported value for - United States Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Balance of Trade - actual data, historical chart and calendar of releases - was last updated on December of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
-55488.00 -54555.00 1946.00 -67823.00 1950 - 2018 USD Million Monthly
SA




Country Last Previous
Argentina 277.00 Oct/18
Australia 2316.00 Oct/18
Brazil 4062.09 Nov/18
Canada -1165.20 Oct/18
China 447.40 Nov/18
Euro Area 13141.70 Sep/18
France -4052.00 Oct/18
Germany 18300.00 Oct/18
India -17130.00 Oct/18
Indonesia -1819.90 Oct/18
Italy 1274.37 Sep/18
Japan -449.26 Oct/18
Mexico -2936.00 Oct/18
Netherlands 4850.00 Oct/18
Russia 19697.00 Oct/18
Saudi Arabia 162782.00 Jun/18
Singapore 4520.91 Oct/18
South Africa -5549.90 Oct/18
South Korea 5139.00 Nov/18
Spain -3297100.00 Sep/18
Switzerland 2637.00 Oct/18
Turkey -456.10 Oct/18
United Kingdom -3300.00 Oct/18
United States -55488.00 Oct/18


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