U.S. trade deficit falls to $63.9B in September

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 high

est 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.

Year to date, the goods and services deficit has jumped $38.5 billion, or 8.6%, to $485.6 billion. The total deficit for goods and services for the same period in 2019 was $447.1 billion. Total exports are down 17.4% this year from 2019, while imports have declined by 12.4% as the coronavirus pandemic has sabotaged global commerce this year and disrupted global supply chains everywhere.

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.

ASSOCIATED PRESS FILE PHOTO John Deere tractors made by Deere & Company are shown as they are readied for export to Asia at the Port of Tacoma in Tacoma, Wash.