by Calculated Risk on 12/06/2022 08:44:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $78.2 billion in October, up $4.0 billion from $74.1 billion in September, revised.

October exports were $256.6 billion, $1.9 billion less than September exports. October imports were $334.8 billion, $2.2 billion more than September imports.
emphasis added

Click on graph for larger image.

Exports decreased and imports increased in October.

Exports are up 14% year-over-year; imports are also up 14% year-over-year.

Both imports and exports decreased sharply due to COVID-19 and have now bounced back.

The second graph shows the U.S. trade deficit, with and without petroleum.

The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Note that net, exports of petroleum products are slightly positive.

The trade deficit with China decreased to $28.9 billion in October, from $31.3 billion a year ago.

The trade deficit was slightly smaller than the consensus forecast.