US exports soar record, reducing October trade deficit

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The United States foreign trade deficit shrank 17.6 percent for October to $67.1 billion. A giant increase in exports and only a slight increase in imports may be worth it. It follows current data from the U.S. Department of Commerce.

The United States of America exported goods and services this October for $223.6 billion and imported for just under 291 billion. The October foreign trade deficit thus reached $67.1 billion, the lowest U.S. trade deficit since this April. On a monthly basis, the deficit plunged by just under 18 percent.

Data from the US Department of Commerce shows that a year-on-month increase in exports of more than eight per cent is behind such a slump in the trade deficit. Conversely, the import effectively stagnated when it went up just under a percentage.

US exports this year stand largely on the supply of machinery and equipment. Their value was higher by nearly $140 billion year-on-year for the first ten months of this year. In services, exports of financial and other services rose the most, by $35.3 billion overall. But even the October figures failed to reverse the trend of the deepening US trade deficit. The one for January-October 2021 soared by nearly 30 percent year-on-year to $705.2 billion.


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