While the goods deficit was up and services surplus down, the surplus in intangible continued to grow along historic trendlines
The US trade deficit increased in September, according to the Bureau of Economic Analysis (BEA), as exports declined and imports rose. And for the second month in a row, the overall services surplus declined. However, the surplus in intangibles rose slightly with exports increasing more than imports.
The trade surplus in intangibles has grown steadily since the beginning of the year. And, as the chart below shows (and as I have noted before), intangibles exports, imports and trade balance were basically on the historical trend line. In general, this most recent data is in line with my earlier analysis that the pandemic is not having a game-changing impact on trade in intangible.