WASHINGTON (CN) – The $33 billion trade deficit for October was smaller than September’s $35.7 billion deficit, the U.S. Department of Commerce announced Thursday. The improvement is tied to an increase in exports.
While both imports and exports grew in October, exports grew the most. The United States exported almost $137 billion in October, more than the nearly $133 billion in September.
Imports barely rose from $169 billion in September to $169.7 billion in October.
On a global scale, the United States earns more money on services than it spends, but suffers a deficit in the trade of goods.
As compared to the same time last year, the October trade deficit was $26.5 billion less.
In October, the nation exported more goods than services, at $93.5 billion and $43.3 billion respectively.
For goods, exports increased $3.2 billion from September to October, to reach $93.5 billion. During the same period, imports increased by a smaller $700 million to reach $138 billion.
For services, exports increased by $200 million from September to October, to reach $43.3 billion. During the same period, imports increased by $100 million to $31.4 billion.