The commerce department’s monthly International Trade Report shows the goods and services deficit was $80.9 billion in September, up $8.1 billion from $72.8 billion in August, revised.
This article was originally published by Mish Talk.
Exports, Imports, and Balance
Year-to-Date Numbers
Three-Month Moving Averages
Inflation-Adjusted Trade
Numbers Worse Than Expected
The Econoday consensus estimate was a net deficit $76.1 billion vs the reported deficit of $80.9 billion.
Synopsis
Exports are down for the month and on average for the last 3 months. Across the board imports are up despite major supply chain issues.
The goods, and goods-and-services deficits both hit new record highs.
Note the downward trend in services where the US has a small but shrinking net surplus.
Inventory Stockpiling
The surge in imports reflects huge inventory stockpiling. This adds to supply chain pressures and warehouse storage issues.
When the stockpiling is done, will customers even show up?
Recall that GDP was positive in the third quarter only due to an inventory build.
For discussion please see GDP Rises 2.0% Entirely Due to Building Inventories, Consumer Spending Weak.
Also consider MishTalk TV #4 With Lacy H.
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