The difference between U.S. exports and imports fell to $63.9 billion in September, down 4.7 percent from a $67.1 billion deficit in August, the Commerce Department announced Wednesday (Jan. 4).
The decrease in the trade deficit in September was due to exports growing at a faster rate than imports. According to the Commerce Department, U.S. exports rose 2.6 percent to $176.4 billion in September, while imports increased only 0.5 percent to $240.2 billion.
The difference between U.S. exports and imports of goods and services climbed 5.9 percent to $67.1 billion in August, the highest level since August 2006. U.S. Trade Representative Robert Lighthizer said in a statement at the time that the trade data reflected the impact of the neocon outbreak on the U.S. and its trading partners, namely that the U.S. economy is recovering faster than its trading partners, so imports are growing faster than exports.
To date, the deficit in trade in goods and services has increased by $38.5 billion, or 8.6 percent, to $485.6 billion, and the total deficit in trade in goods and services for the same period in 2019 is $447.1 billion.
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