The U.S. trade deficit fell in September after hitting a 14-year high the previous month as exports outpaced imports
SILVER SPRING, Md. — The U.S. trade deficit fell in September after hitting a 14-year high the previous month as exports outpaced imports.
The gap between what the U.S. sells and what it buys abroad fell to $63.9 billion in September, a decline of 4.7%, from a $67 billion deficit in August, the Commerce Department reported Wednesday. September exports rose 2.6% to $176.4 billion, pushed higher by the food and beverage category, where shipments worth $12.9 billion were the highest since July of 2012. Soybean exports rose 63% in September.
Imports ticked up 0.5% to $240.2 billion, also helped by $13.5 billion in the food and beverage category, which were the highest on record.
The politically sensitive deficit in the trade of goods with China fell about 8% in September to $24.3 billion from $26.4 billion in August. Exports to China in September of $11.5 billion were the highest since March of 2018.
When Donald Trump campaigned for president in 2016 he pledged to sharply lower the country’s large trade deficits, especially with China, which for years has been the country with the largest trade surplus with the United States.
But despite Trump’s confrontational approach on trade with China and a renegotiation of the North American Free Trade Agreement with Canada and Mexico, America’s trade deficits have remained stubbornly high, although the deficit with Mexico fell by $1.8 billion to $10.7 billion in September.
