US trade deficit narrows to $105 billion in September

Data released by the US Commerce Department today showed that the trade deficit narrowed by 0.7% in September to $105 billion.

Exports rose by 1.9% to $321.5 billion, while imports increased by 1.2% to a record $426.6 billion.

Goods imports climbed 1.3% to $346.9 billion, driven by a $11.6 billion rise in capital goods imports to a record $158 billion, with higher purchases of computers and related equipment.

Consumer goods imports grew by $2.4 billion, while imports of semiconductors fell by $1.2 billion and imports of industrial supplies and materials dropped by about $3.7 billion.

On the other hand, goods exports increased by 2.5% to $211 billion, including record capital goods exports of $73.3 billion. Exports of food and beverages reached $16 billion, the highest level since June 2022, supported by soybean shipments.

In the services sector, imports hit a record $79.7 billion, while exports reached a record $110.5 billion.

The data also showed the goods trade deficit narrowed by 0.5% to $135.9 billion, but rose by 3% to $119.5 billion when adjusted for inflation.