The deficit decreased from $55.7 billion in October (revised) to $49.3 billion in November, as imports decreased more than exports. The previously published October deficit was $55.5 billion.
The goods deficit decreased $6.7 billion in November to $71.6 billion. The services surplus decreased $0.3 billion in November to $22.3 billion.
(February 6, 2019) - - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $49.3 billion in November, down $6.4 billion from $55.7 billion in October, revised.
U.S. International Trade in Goods and Services Deficit | ||
Deficit: | $49.3 Billion | -11.5%° |
Exports: | $209.9 Billion | -0.6%° |
Imports: | $259.2 Billion | -2.9%° |
(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, February 6, 2019. |
Exports, Imports, and Balance (exhibit 1)
November exports were $209.9 billion, $1.3 billion less than October exports. November imports were $259.2 billion, $7.7 billion less than October imports.
The November decrease in the goods and services deficit reflected a decrease in the goods deficit of $6.7 billion to $71.6 billion and a decrease in the services surplus of $0.3 billion to $22.3 billion.
Year-to-date, the goods and services deficit increased $51.9 billion, or 10.4 percent, from the same period in 2017. Exports increased $157.1 billion or 7.3 percent. Imports increased $208.9 billion or 7.9 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit decreased $1.5 billion to $53.2 billion for the three months ending in November.
- Average exports increased $0.5 billion to $210.8 billion in November.
- Average imports decreased $0.9 billion to $264.0 billion in November.
Year-over-year, the average goods and services deficit increased $6.4 billion from the three months ending in November 2017.
- Average exports increased $11.0 billion from November 2017.
- Average imports increased $17.5 billion from November 2017.
Exports (exhibits 3, 6, and 7)
Exports of goods decreased $1.2 billion to $140.3 billion in November.
Exports of goods on a Census basis decreased $1.2 billion.
- Industrial supplies and materials decreased $1.4 billion.
- Other petroleum products decreased $0.6 billion.
- Nonmonetary gold decreased $0.5 billion.
- Consumer goods decreased $0.9 billion.
- Gem diamonds decreased $0.5 billion.
- Pharmaceutical preparations decreased $0.4 billion.
- Civilian aircraft increased $1.0 billion.
- Capital goods increased $1.4 billion.
Net balance of payments adjustments increased less than $0.1 billion.
Exports of services decreased $0.1 billion to $69.5 billion in November.
- Financial services decreased $0.1 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods decreased $7.9 billion to $211.9 billion in November.
Imports of goods on a Census basis decreased $7.9 billion.
- Consumer goods decreased $4.3 billion.
- Cell phones and other household goods decreased $2.3 billion.
- Artwork, antiques, stamps, and other collectibles decreased $0.4 billion.
- Industrial supplies and materials decreased $3.4 billion.
- Other petroleum products decreased $1.4 billion.
- Fuel oil decreased $0.8 billion.
- Crude oil decreased $0.7 billion.
Net balance of payments adjustments increased less than $0.1 billion.
Imports of services increased $0.2 billion to $47.3 billion in November.
- Travel (for all purposes including education) increased $0.3 billion.
- Insurance services decreased $0.1 billion.
Real Goods in 2012 Dollars – Census Basis (exhibit 11)
The real goods deficit decreased $7.5 billion to $80.8 billion in November.
- Real exports of goods increased $0.4 billion to $150.0 billion.
- Real imports of goods decreased $7.1 billion to $230.8 billion.
Revisions
Revisions to October exports
- Exports of goods were revised up less than $0.1 billion.
- Exports of services were revised up $0.1 billion.
Revisions to October imports
- Imports of goods were revised up $0.2 billion.
- Imports of services were revised up $0.2 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The November figures show surpluses, in billions of dollars, with South and Central America ($4.8), Hong Kong ($2.6), United Kingdom ($0.9), Singapore ($0.8), and Brazil ($0.7). Deficits were recorded, in billions of dollars, with China ($35.4), European Union ($13.8), Mexico ($6.8), Japan ($5.7), Germany ($5.6), Italy ($2.7), South Korea ($1.9), India ($1.7), Taiwan ($1.6), Saudi Arabia ($1.5), France ($1.3), OPEC ($1.2), and Canada ($0.8).
- The deficit with China decreased $2.8 billion to $35.4 billion in November. Exports decreased $0.1 billion to $7.4 billion and imports decreased $2.9 billion to $42.8 billion.
- The deficit with Canada decreased $1.3 billion to $0.8 billion in November. Exports decreased $0.4 billion to $24.5 billion and imports decreased $1.7 billion to $25.3 billion.
- The deficit with Taiwan increased $0.4 billion to $1.6 billion in November. Exports decreased $0.3 billion to $2.5 billion and imports increased $0.1 billion to $4.1 billion.
All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.
Credit: Bureau of Economic Analysis
.
.
Rate this article