商品贸易改善带动美国单月逆差回落 全年赤字压力未减

Core Viewpoint - The latest data from the U.S. Department of Commerce indicates a narrowing of the trade deficit in September, driven primarily by a reduction in the goods trade deficit, although cumulative trends show ongoing pressure on the overall trade balance [1] Trade Data Summary - In September, U.S. exports of goods and services reached $289.3 billion, an increase of $8.4 billion month-over-month [1] - Imports for the same month totaled $342.1 billion, with a slight increase of $1.9 billion [1] - The overall trade deficit for September narrowed to $52.8 billion, marking the smallest level since mid-2020 [1] Goods and Services Breakdown - The goods trade deficit decreased by $7.1 billion to $79 billion in September, which was the main driver behind the overall deficit reduction [1] - The services trade surplus slightly narrowed by $600 million to $26.2 billion [1] Cumulative Trends - From the beginning of 2025 to date, the overall trade deficit has expanded by $112.6 billion compared to the same period in 2024, representing a 17.2% increase [1] - Total exports have grown by 5.2% year-over-year, reaching $125.1 billion, while total imports increased by 7.7% to $237.7 billion [1] Market Influences - The growth in September exports may have benefited from a rebound in certain manufacturing and energy product sales, while the sluggish growth in imports could be attributed to corporate inventory adjustments and changes in consumer spending patterns [1] - Despite the positive signals in monthly data, the structural imbalance in U.S. foreign trade remains unresolved [1]