Monday, December 08, 2014

October 2014 Was A Record Month For USA Imports From China

The U.S. Census Bureau reports that despite October 2014 being a record month for imports from China, the October trade deficit in goods and services actually decreased by $0.2 billion from September, to $43.4 billion.

The decrease in the deficit reflects a $2.3 billion increase in exports to $197.5 billion. This increase in exports was greater than the $2.1 billion increase in imports to $241.0 billion. Both exports and imports of capital goods reached a new record this month, with exports at $47.7 billion, and imports at $51.0 billion.

Similarly, October marked records in both exports ($22.3 billion) and imports ($27.4 billion) with Mexico.

This leads to the Census Bureau's Graph of the Month, featuring imports of cellphones. Imports of cellphones into the United States have trended upward since 1997, with China an important source.