US exports continue decline while trade deficit widens

According to the US Census Bureau, overall US exports decreased to $258.8 billion in October 2023, down by $2.6 billion from September’s $261.4 billion.*

Goods

Export sales of goods fell by $5.4 billion in November, essentially driven by a $3.6 billion fall in export sales of industrial supplies and materials.

Exports of vehicles and parts fell by $0.8 billion, due to reduced sales in automotive by reduced sales in both other automotive parts and accessories, trucks, buses and special purpose vehicles while exports of consumer goods dropped by $0.5 billion.

Services

For services, exports increased by $0.6 billion, accrued by travel, transport, government, services and others.

United States Growth in Exports

Exports by each state are shown in the chart below.

Source: US Customs - TradeData.com

Causes for Decline in Export Sales

According to the US Bureau of Economic Analysis (BEA), geopolitical frictions, persisting global inflation and lower global demand are the primary reasons for an expected decrease in global trade in 2023.

2023 Update

According to a BEA February 7, 2024 updated report, the US monthly international trade deficit increased in December 2023 from $61.9 billion in November (revised) to $62.2 billion in December, as imports increased more than exports.

The goods deficit increased $0.7 billion in December to $89.1 billion, while the services surplus increased $0.4 billion in December to $26.9 billion.

Source: US Census Bureau, Bureau of Economic Analysis