U.S. DEFICIT $49.3 BLN

U.S. BEA - U.S. International Trade in Goods and Services, November 2018

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.

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.
• Capital goods increased $1.4 billion.
  • Civilian aircraft increased $1.0 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.

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