U.S. INTERNATIONAL TRADE DEFICIT $43.1 BLN

U.S. BEA - January 7, 2020 - U.S. International Trade in Goods and Services, November 2019
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $43.1 billion in November, down $3.9 billion from $46.9 billion in October, revised.

Exports, Imports, and Balance (exhibit 1)

November exports were $208.6 billion, $1.4 billion more than October exports. November imports were $251.7 billion, $2.5 billion less than October imports.

The November decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.9 billion to $63.9 billion and a decrease in the services surplus of less than $0.1 billion to $20.8 billion.

Year-to-date, the goods and services deficit decreased $3.9 billion, or 0.7 percent, from the same period in 2018. Exports decreased less than $0.1 billion or less than 0.1 percent. Imports decreased $3.9 billion or 0.1 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $3.5 billion to $47.0 billion for the three months ending in November.

• Average exports decreased $0.2 billion to $207.8 billion in November.
• Average imports decreased $3.7 billion to $254.9 billion in November.

Year-over-year, the average goods and services deficit decreased $8.4 billion from the three months ending in November 2018.

• Average exports decreased $1.5 billion from November 2018.
• Average imports decreased $9.9 billion from November 2018.

Exports (exhibits 3, 6, and 7) 

Exports of goods increased $1.0 billion to $137.2 billion in November. 

Exports of goods on a Census basis increased $1.0 billion.

• Capital goods increased $0.6 billion.
• Drilling and oilfield equipment increased $0.4 billion.
• Civilian aircraft engines increased $0.3 billion.
• Consumer goods increased $0.5 billion.
• Jewelry increased $0.4 billion.
• Gem diamonds increased $0.3 billion.
• Automotive vehicles, parts, and engines increased $0.4 billion.
• Other goods decreased $0.5 billion.

Net balance of payments adjustments decreased less than $0.1 billion. 

Exports of services increased $0.4 billion to $71.5 billion in November.

• Other business services increased $0.1 billion.
• Transport increased $0.1 billion.
• Travel increased $0.1 billion.

Imports (exhibits 4, 6, and 8) 

Imports of goods decreased $2.9 billion to $201.1 billion in November. 

Imports of goods on a Census basis decreased $2.7 billion.

• Capital goods decreased $1.2 billion.
• Civilian aircraft decreased $0.6 billion.
• Computers decreased $0.6 billion.
• Consumer goods decreased $1.0 billion.
• Cell phones and other household goods decreased $0.5 billion.
• Artwork and other collectibles decreased $0.3 billion.
• Other goods decreased $0.8 billion.
• Industrial supplies and materials decreased $0.6 billion.
• Automotive vehicles, parts, and engines increased $1.1 billion.
• Automotive parts and accessories increased $0.5 billion.
• Trucks, buses, and special purpose vehicles increased $0.3 billion.

Net balance of payments adjustments decreased $0.2 billion.

Imports of services increased $0.4 billion to $50.7 billion in November.

• Travel increased $0.1 billion.
• Transport increased $0.1 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit decreased $3.7 billion to $75.3 billion in November.

• Real exports of goods increased $0.7 billion to $148.7 billion.
• Real imports of goods decreased $3.0 billion to $224.0 billion.

Revisions

Revisions to October exports

• Exports of goods were revised up $0.1 billion.
• Exports of services were revised up less than $0.1 billion.

Revisions to October imports

• Imports of goods were revised down $0.1 billion.
• Imports of services were revised up less than $0.1 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 ($4.9), Hong Kong ($1.8), Brazil ($1.7), United Kingdom ($1.3), OPEC ($0.7), Singapore ($0.6), and Saudi Arabia ($0.1). Deficits were recorded, in billions of dollars, with China ($25.6), European Union ($13.5), Mexico ($8.5), Japan ($5.7), Germany ($5.2), India ($2.4), Italy ($2.3), Taiwan ($1.7), Canada ($1.7), South Korea ($1.2), and France ($1.2).

• The deficit with China decreased $2.2 billion to $25.6 billion in November. Exports increased $1.4 billion to $8.9 billion and imports decreased $0.8 billion to $34.5 billion.
• The deficit with Canada decreased $1.6 billion to $1.7 billion in November. Exports increased $0.1 billion to $24.0 billion and imports decreased $1.5 billion to $25.7 billion.
• The deficit with Japan increased $1.3 billion to $5.7 billion in November. Exports decreased $0.6 billion to $5.8 billion and imports increased $0.7 billion to $11.6 billion.

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