October Exports +8.1%, M/M, Imports +0.9% M/M, Trade Deficit -17.6% M/M - Neil's Summary

November International Trade in Goods and Services: $67.1B, vs. -$66.8 consensus, $80.9B in October.

October exports were $223.6 billion, $16.8 billion more than September exports (+8.1% m/m).

October imports were $290.7 billion, $2.5 billion more than September imports (+0.9% m/m).

Final read on US imports and exports for October confirmed the strong bounce-back in exports (although revised down a bit) and a smaller increase in imports (which were revised up a bit). Exports increased by 8.1% m/m (revised down from +10.7% in the Advanced Indicators report) and imports by +0.9% (revised up from +0.5%). This brought the trade deficit down by -17.6% m/m to $67.1B.

Exports led by industrial supplies, capital goods, soybeans, gem diamonds, and autos. Imports led by autos, also gem diamonds (must be that time of year) and cellphones.

In terms of exports, some details from the report:

Exports of goods increased $15.8 billion to $158.7 billion in October.

• Industrial supplies and materials increased $6.4 billion.

o Crude oil increased $1.2 billion.

o Nonmonetary gold increased $1.0 billion.

• Capital goods increased $3.1 billion.

o Other industrial machines increased $0.8 billion.

o Civilian aircraft increased $0.7 billion.

• Foods, feeds, and beverages increased $2.1 billion.

o Soybeans increased $1.8 billion.

• Consumer goods increased $1.6 billion.

o Gem diamonds increased $1.1 billion.

o Pharmaceutical preparations decreased $0.6 billion.

• Automotive vehicles, parts, and engines increased $1.5 billion.

Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $1.0 billion to $64.9 billion in October.

• Travel increased $0.4 billion.

• Other business services increased $0.3 billion.

• Charges for the use of intellectual property increased $0.1 billion

In terms of imports:

Imports of goods increased $1.8 billion to $242.7 billion in October.

• Automotive vehicles, parts, and engines increased $1.5 billion.

o Passenger cars increased $1.1 billion.

• Consumer goods increased $0.9 billion.

o Gem diamonds increased $0.7 billion.

o Cell phones and other household goods increased $0.6 billion.

• Industrial supplies and materials decreased $0.5 billion.

o Organic chemicals decreased $1.2 billion.

o Other petroleum products decreased $0.6 billion.

o Fuel oil increased $0.6 billion

• Capital goods decreased $0.5 billion.

o Semiconductors decreased $0.6 billion.

o Civilian aircraft decreased $0.5 billion.

Net balance of payments adjustments decreased $0.1 billion.

Imports of services increased $0.7 billion to $48.1 billion in October.

• Transport increased $0.4 billion.

• Travel increased $0.1 billion.

Looking at individual countries, the October figures show surpluses, in billions of dollars, with South and Central America ($4.5), Hong Kong ($2.6), Brazil ($1.3), United Kingdom ($1.0), and Singapore ($0.5). Deficits were recorded, in billions of dollars, with China ($28.3), European Union ($16.6), Mexico ($9.7), Germany ($5.7), Taiwan ($4.3), Japan ($3.6), Italy ($3.4), Canada ($3.3), India ($3.1), South Korea ($2.7), France ($1.4), and Saudi Arabia ($0.1).

To see more content, including summaries of most major U.S. economic reports and my morning and nightly updates go to Cbus Neil's Blog Posts for more recent or Sethi Associates for the full history.