WASHINGTON — The U.S. September trade deficit was wider than expected at a $41.8 billion shortfall, with exports down $400 million and imports up $2.7 billion on the back of higher oil pricing and consumer demand.
Oil-related imports posted +$1.2 billion, with both pricing and volume up. The September import average price of oil was $102.00 a barrel, the highest since May 2012. In other imports, autos posted +$887 million, pharmaceuticals +$342 million, and cell phones +$915 million.
Exports seem to have been impacted by lessened demand for jewelry. Nonmonetary gold posted -$671 million and gem diamonds -$507 million. Civilian aircraft was -$211 million (Boeing Corp. had reported six fewer overseas jet deliveries) and fuel oil -$592 million. These were offset to an extent by +$1.442 billion in foods.
The unadjusted trade balance with China was a new record -$30.5 billion after -$29.9 billion in August, with Japan -$5.5 billion after -$6.4 billion, and with OPEC -$5.9 billion after -$7.3 billion.
On a real basis, the September trade balance was nearly $3 billion wider than in August. The data imply a subtraction from Q3 GDP. The Commerce Department had assumed in the preliminary GDP report that the missing September trade balance would be about -$39.2 billion.
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