Overview
- Commerce Department data show the September trade deficit narrowed 10.9% to $52.8 billion, the smallest since mid-2020, with exports up 3.0% and imports up 0.6%.
- The report was released late after a 43-day government shutdown, and recent tariff changes have produced sharp month-to-month swings in trade flows.
- Pantheon Macroeconomics’ Oliver Allen said the narrowing was largely driven by a spike in nonmonetary gold exports and warned the effect may reverse, noting limited evidence of broad import substitution.
- Treasury reported a $173 billion November budget deficit, smaller than a year earlier, with monthly receipts at a record for November and customs duties contributing $30.76 billion.
- Statistics Canada said Canada recorded a C$153 million September surplus as exports rebounded and imports fell, with gains linked to unwrought gold and aircraft and a larger surplus with the United States.