Bessent Says US Goods Trade Deficit Excluding Semiconductors Fell to 1.6% of GDP, Lowest Since 1994

US Treasury Secretary Scott Bessent said the U.S. goods trade deficit excluding semiconductor-related products has narrowed to 1.6% of gross domestic product, the lowest level since the data series began in 1994.

Cointelegraph, a cryptocurrency-focused media outlet, reported on November 13 that Bessent made the remark while saying the goods trade deficit excluding semiconductor-related products had fallen to 1.6% of GDP.

The figure cited by Bessent was calculated by excluding semiconductor-related products from the overall goods trade balance.

Under that measure, the goods trade deficit ratio is at its lowest level in data dating back to 1994.