The nominal trade deficit widened in September to $43 billion as exports declined during the month while imports were virtually unchanged. September’s decline in exports was driven by a drop in exports of petroleum products and fuel oil. Exports of capital and consumer goods also fell. These declines were offset by a strong increase in the foods, feeds, and beverages category. On the imports side, a solid increase in imports of consumer goods was in part offset by decreases in crude and fuel oils.
On a year-over-year basis, growth of both exports and imports remained lackluster in September, having stabilized at a low level over the past two years compared with recent history (excluding plunges in international trade during past recessions).
