Trade Deficit Falls as U.S. Exports Increase
November 5, 2020
After hitting a 14-year high in the previous month, the U.S. trade deficit fell in September, boosted by a big increase in exports. The gap between what the U.S. imports and exports fell to $63.9 in September, a 4.7% decline from August’s $67 billion, according to data from the Commerce Department.
Exports for the month climbed 2.6% to $176.4 billion. The biggest growth in exports came from food and beverages, which saw shipments worth $12.9 billion, the highest level since 2012.
Despite the strong month, the total deficit for goods and services climbed to $485.6 billion. The deficit for the same period last year was $447.1 billion. Total exports are down 17.4% from 2019, as the pandemic has stunted global growth and disrupted supply chains.