WASHINGTON (Kyodo) — The U.S. deficit in global goods and services trade in September dipped 0.6 percent from the previous month to $56.45 billion, down for the fourth straight month and hitting its lowest level since May 2005, the Commerce Department said Friday.
The politically sensitive deficit in goods and services trade with China grew 5.5 percent to $23.77 billion and that with Japan was down 8.1 percent to $6.19 billion, the department said in a preliminary report.
The total deficit in goods and services trade decreased in September from August's revised $56.80 billion, as exports grew faster than imports. The latest number was lower than the $58.5 billion widely expected by market players and analysts.
The global trade figures are measured on a balance of payments basis after seasonal adjustment, and the country-by-country and regional breakdown is based on unadjusted customs-cleared data.
The department said overall U.S. imports of goods and services rose 0.6 percent to $196.60 billion.
Imports of petroleum products were down 0.2 percent to $27.24 billion, sending the trade deficit in petroleum products 0.1 percent lower to $24.13 billion.
The average import price per barrel of crude oil came to $68.51 in September, up from $68.09 the previous month, marking the highest level on record.
The goods trade deficit with members of the Organization of Petroleum Exporting Countries decreased 2.7 percent to $11.06 billion, with imports contracting 4.2 percent to $15.25 billion.
Overall U.S. exports of goods and services were up 1.1 percent to an all-time high of $140.15 billion on higher shipments of food, feed and beverages, industrial supplies and materials, and consumer goods.
As for the goods trade with China, exports dropped 5.0 percent to $5.61 billion, but imports rose 3.3 percent to $29.38 billion, the second highest on record.
Exports to Japan were up 2.6 percent to $5.25 billion, but imports decreased 3.5 percent to $11.43 billion.
The U.S. deficit in global goods trade shrank 0.5 percent in September to $65.75 billion, while the services trade produced a surplus of $9.30 billion, up 0.2 percent.
The U.S. deficit in goods trade with the four newly industrialized economies of Asia — Hong Kong, South Korea, Singapore and Taiwan — came to $119 million, which was a reversal from the previous month's surplus of $69 million.
The U.S. deficit with the European Union retreated 37.1 percent to $6.43 billion.
