On the export side, industrial supplies and materials contributed significantly, with a $4.3 billion rise driven by petroleum products and crude oil. Automotive exports grew by $1.9 billion, reflecting higher shipments of passenger cars and trucks. Capital goods also showed strength, rising $1.8 billion, led by aircraft engines and machinery.
However, imports surged at a faster pace. Goods imports increased by $11.6 billion, with notable contributions from industrial supplies ($3.7 billion), capital goods ($3.5 billion), and food products ($1.4 billion). Higher semiconductor imports, along with crude oil and nonmonetary gold, signaled strong domestic demand.
Year-to-Date Trade Trends
For the year to date, the trade deficit widened by $93.9 billion, up 13% from the same period in 2023. Exports rose 4% to $111.5 billion, while imports advanced 5.8% by $205.3 billion. The three-month moving average of the trade deficit also increased…
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