US international trade balance for October -$78.2B vs -$80.0B estimate

• US trade balance for October -$78.2B vs -$80.0 B estimate. Prior month -$74.13B revised from $-73.28 billion
• Goods deficit -$98.8B vs -$99.0B prelim. and -$91.91B last month
• services surplus $21.43 billion
• exports -0.7% versus September -1.2%
• imports -0.6% versus September +1.6%
• total exports falls to $256.63 billion versus Septembers $258.51 billion. Exports fell
• total imports rose to $334.79 billion versus last month at $332.64 billion. Imports rose
• oil imports price $82.05 versus Septembers $87.00
• China October trade deficit $-28.87 billion versus the September deficit of $-37.29 billion

Some added color from the BEA:

• The October increase in the goods and services deficit reflected an increase in the goods deficit of $6.1 billion to $99.6 billion and an increase in the services surplus of $2.1 billion to $21.4 billion.
• Year-to-date, the goods and services deficit increased $136.9 billion, or 19.9 percent, from the same period in 2021. Exports increased $415.3 billion or 19.8 percent. Imports increased $552.2 billion or 19.8 percent.

The 3 month average goods and services deficit increased $2.5 billion to $72.7 billion for the three months ending in October.

• Average exports decreased $1.4 billion to $258.9 billion in October.
• Average imports increased $1.1 billion to $331.6 billion in October.

Year-over-year, the 3 month average goods and services deficit increased less than $0.1 billion from the three months ending in October 2021.

• Average exports increased $41.2 billion from October 2021.
• Average imports increased $41.2 billion from October 2021.

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