Home Indiana Agriculture News Trade Deficit Shrinks for First Time in Three Months

Trade Deficit Shrinks for First Time in Three Months

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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced the goods and services trade deficit was $63.9 billion in September, down $3.2 billion from $67.0 billion in August.

This is the first time in three months the trade deficit has shrunk. September total exports were $176.4 billion, $4.4 billion more than August exports.

September imports were $240.2 billion, $1.2 billion more than August imports. Exports of goods increased $3.7 billion to $122.8 billion in September.

The export figures note that exports of foods, feeds, and beverages increased $1.6 billion, including a $1.4 billion increase in soybean exports. The deficit with China decreased $2.1 billion to $24.3 billion in September.

U.S. farmers are enjoying the increased sales to China, with a bump in commodity markets this fall.

The USDA reports weekly corn sales were 16 percent higher than a week ago. Weekly soybean sales slipped but remained at the highest pace in two years.