U.S. INTERNATIONAL TRADE DEFICIT UP TO $68 BLN

U.S. BEA - January 7, 2021 - U.S. International Trade in Goods and Services, November 2020

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $68.1 billion in November, up $5.0 billion from $63.1 billion in October, revised. 

Exports, Imports, and Balance (exhibit 1) 

November exports were $184.2 billion, $2.2 billion more than October exports. November imports were $252.3 billion, $7.2 billion more than October imports. 

The November increase in the goods and services deficit reflected an increase in the goods deficit of $5.0 billion to $86.4 billion and a decrease in the services surplus of less than $0.1 billion to $18.2 billion. 

Year-to-date, the goods and services deficit increased $73.6 billion, or 13.9 percent, from the same period in 2019. Exports decreased $372.3 billion or 16.1 percent. Imports decreased $298.7 billion or 10.5 percent. 

Three-Month Moving Averages (exhibit 2) 

The average goods and services deficit increased $1.1 billion to $64.4 billion for the three months ending in November. 

• Average exports increased $3.4 billion to $181.4 billion in November.
• Average imports increased $4.5 billion to $245.9 billion in November. 

Year-over-year, the average goods and services deficit increased $20.5 billion from the three months ending in November 2019. 

• Average exports decreased $28.7 billion from November 2019.
• Average imports decreased $8.2 billion from November 2019. 

Exports (exhibits 3, 6, and 7) 

Exports of goods increased $1.3 billion to $127.7 billion in November. 

  Exports of goods on a Census basis increased $1.3 billion. 

• Industrial supplies and materials increased $0.8 billion.Foods, feeds, and beverages increased $0.5 billion.
  • Natural gas increased $0.5 billion.
• Foods, feeds, and beverages increased $0.5 billion.

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

 Exports of services increased $0.9 billion to $56.4 billion in November. 

• Travel increased $0.5 billion.
• Transport increased $0.3 billion. 

Imports (exhibits 4, 6, and 8) 

Imports of goods increased $6.3 billion to $214.1 billion in November. 

  Imports of goods on a Census basis increased $6.4 billion. 

• Consumer goods increased $4.0 billion.Industrial supplies and materials increased $1.5 billion.
  • Cell phones and other household goods increased $2.8 billion.
• Industrial supplies and materials increased $1.5 billion.
• Capital goods increased $1.2 billion.
• Automotive vehicles, parts, and engines decreased $1.0 billion.
  • Passenger cars decreased $1.1 billion.

 Net balance of payments adjustments decreased $0.1 billion.

 Imports of services increased $0.9 billion to $38.2 billion in November. 

• Transport increased $0.4 billion.
• Travel increased $0.4 billion. 

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

The real goods deficit increased $6.7 billion to $96.5 billion in November. 

• Real exports of goods increased $0.7 billion to $144.6 billion.
• Real imports of goods increased $7.4 billion to $241.1 billion. 

Revisions 

Revisions to October exports 

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

Revisions to October imports 

• Imports of goods were revised up less than $0.1 billion.
• Imports of services were revised down 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 ($3.0), Hong Kong ($1.8), OPEC ($1.2), Brazil ($1.2), United Kingdom ($1.1), Saudi Arabia ($0.2), and Singapore ($0.2). Deficits were recorded, in billions of dollars, with China ($30.0), European Union ($16.7), Mexico ($11.3), Japan ($6.6), Germany ($4.9), Italy ($3.5), Taiwan ($3.0), South Korea ($2.9), India ($2.4), Canada ($1.7), and France ($1.7). 

• The deficit with China increased $3.5 billion to $30.0 billion in November. Exports decreased $0.5 billion to $12.6 billion and imports increased $3.0 billion to $42.6 billion.
• The deficit with the European Union increased $1.0 billion to $16.7 billion in November. Exports increased $0.9 billion to $20.4 billion and imports increased $2.0 billion to $37.1 billion.
• The surplus with South and Central America increased $0.8 billion to $3.0 billion in November. Exports increased $0.2 billion to $11.0 billion and imports decreased $0.6 billion to $8.0 billion. 

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