The United States’ trade deficit fell in September to its lowest level since 2020, as gold exports surged.
The deficit was US$52.8 billion, dropping 10.9%. Exports were up 3% to $289.3 billion, while imports rose 0.6% to $342.1 billion.
September’s narrowing deficit “reflected a decrease in the goods deficit of $7.1 billion to $79.0 billion and a decrease in the services surplus of $0.6 billion to $26.2 billion,” wrote the U.S. Bureau of Economic Analysis.
Economists had projected the trade deficit would grow to $63.3 billion that month, according to Reuters polls. The data’s release was delayed by the 43-day government shutdown in October and November.
Exports of goods were up $8.8 billion to $187.6 billion, supported largely by a $6.1 billion increase in gold exports.
U.S. President Donald Trump said in August that gold would not be tariffed, despite the high tariff rate the administration had imposed on Switzerland, the largest gold exporter.
While gold imports had surged in July, investors began to move gold holdings back out of the U.S. in September. Switzerland had the largest trade surplus with the U.S. of any country that month.
Gold prices are up by roughly 60% over the past year, and reached $4,000 per ounce for the first time in October.
Pharmaceutical exports also rose by $3.1 billion in September. Exports of capital goods were down $3.3 billion, with computer exports falling by $2.3 billion.
Imports of pharmaceutical preparations grew by $12.9 billion, and gold imports increased by $1.9 billion in September. Capital goods imports dropped by $5.6 billion, weighed down by a $4.7 billion fall in computer imports.
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