The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total October exports of $80.0 billion and imports of $89.7 billion resulted in a goods and services deficit of $9.7 billion, $1.5 billion less than the $11.2 billion in September, revised. October exports were $1.9 billion more than September exports of $78.1 billion. October imports were $0.3 billion more than September imports of $89.3 billion.

In October, the goods deficit decreased $1.5 billion from September to $17.1 billion, and the services surplus increased $0.1 billion to $7.4 billion. Exports of goods increased to $58.0 billion from $56.4 billion, and imports of goods increased to $75.0 billion from $74.9 billion. Exports of services increased to $22.0 billion from $21.7 billion, and imports of services increased to $14.6 billion from $14.4 billion.

The September to October change in exports of goods reflected increases in automotive vehicles, parts, and engines of $0.6 billion (primarily parts and accessories); capital goods ($0.4 billion); consumer goods ($0.3 billion); foods, feeds, and beverages ($0.3 billion); and industrial supplies and materials ($0.1 billion). A decrease occurred in other goods of $0.2 billion.

The September to October change in imports of goods reflected increases in capital goods of $0.4 billion; other goods ($0.2 billion); and industrial supplies and materials ($0.1 billion). Decreases occurred in automotive vehicles, parts, and engines of $0.5 billion, and foods, feeds, and beverages ($0.1 billion). Consumer goods were virtually unchanged.

For the three months ending in October, exports of goods and services averaged $79.0 billion, while imports of goods and services averaged $89.0 billion, resulting in an average trade deficit of $10.0 billion. For the three months ending in September, the average trade deficit was $10.0 billion, reflecting average exports of $78.3 billion and average imports of $88.3 billion.

Services exports increased $0.3 billion from September to October, reflecting increases in all categories; other private services accounted for $0.1 billion of the increase, with smaller increases in all other categories.

Services imports increased $0.2 billion from September to October, reflecting small increases in nearly all categories; the largest of these increases was in travel.

Selected Not Seasonally Adjusted Goods Details

The October figures showed surpluses, in billions of dollars, with Brazil $0.8 (for September $0.7), Australia $0.6 ($0.6), Argentina $0.3 ($0.3), Hong Kong $0.2 ($0.1), and Egypt $0.2 ($0.2). Deficits were recorded, in billions of dollars, with Japan —$5.9 (—$5.1), China —$5.2 (—$5.5), Western Europe —$2.8 (—$1.1), OPEC —$2.3 (—$1.8), Mexico —$1.5 (—$1.3), Taiwan —$1.3 (—$1.4), Canada —$1.1 (—$1.3), and Singapore —$0.4 (—$0.4).

Advanced technology products (ATP) exports were $15.5 billion in October and imports were $14.0 billion, resulting in a surplus of $1.6 billion, $0.1 billion more than the September surplus of $1.4 billion. October exports were $0.3 billion more than the $15.2 billion in September, while imports were $0.2 billion more than the $13.8 billion in September.

Carry-over in October was $0.8 billion (1.3 percent) for exports and $1.1 billion (1.3 percent) for imports. For September, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.8 billion (1.4 percent). For September, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.7 billion (0.9 percent).

		Total		Goods-X		Services

Balance
Oct '97		 —9,690		 —17,082	 7,392
Sep '97-R	—11,228 	 —18,538	 7,310
Jan-Oct '97	—94,661		—165,94		971,288

Exports
Oct '97		 79,992		 57,964		 22,028
Sep '97-R	 78,116		 56,370		 21,746
Jan-Oct '97	773,835		562,343		211,492

Imports
Oct '9789,68375,04714,636
Sep '97-R89,34474,90814,436
Jan-Oct '97868,496728,292140,204

R–Revised.

X–Data presented on a Balance of Payments (BOP) Basis.

Y–In millions of dollars. Details may not equal totals due seasonal
adjustment and rounding.

December 18, 1997 U.S. Department of Commerce

Consensus National Futures and Financial On Line Index

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