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The U.S. Trade Balance

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The nominal U.S. trade balance on goods and services widened slightly in September. A closer look, however, shows that the goods deficit has widened significantly over the past year, while the services surplus has changed little. There appears to be little correlation between the growth rates for real GDP and the two balances since 1992. The growth rate of real GDP also seems unrelated to the ratios of nominal exports or imports to real GDP.

Suggested citation: "The U.S. Trade Balance," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-12, pp. 19, 12.01.1999.

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