The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $63.2 billion in November, down $1.3 billion from $64.5 billion in October, revised.
Exports, Imports, and Balance
November exports were $253.7 billion, $4.8 billion less than October exports. November imports were $316.9 billion, $6.1 billion less than October imports.
The November decrease in the goods and services deficit reflected a decrease in the goods deficit of $0.6 billion to $89.4 billion and an increase in the services surplus of $0.7 billion to $26.2 billion.
Year-to-date, the goods and services deficit decreased $161.8 billion, or 18.4 percent, from the same period in 2022. Exports increased $28.8 billion or 1.0 percent. Imports decreased $133.0 billion or 3.6 percent.
Three-Month Moving Averages
The average goods and services deficit increased $1.5 billion to $62.9 billion for the three months ending in November.
- Average exports decreased $0.6 billion to $257.9 billion in November.
- Average imports increased $0.9 billion to $320.9 billion in November.
Year-over-year, the average goods and services deficit decreased $8.3 billion from the three months ending in November 2022.
- Average exports increased $1.9 billion from November 2022.
- Average imports decreased $6.5 billion from November 2022.
Exports
Exports of goods decreased $5.4 billion to $168.0 billion in November.
Exports of goods on a Census basis decreased $5.6 billion.
- Industrial supplies and materials decreased $3.6 billion.
- Nonmonetary gold decreased $1.9 billion.
- Crude oil decreased $1.0 billion.
- Organic chemicals decreased $0.7 billion.
- Automotive vehicles, parts, and engines decreased $0.8 billion.
- Other automotive parts and accessories decreased $0.4 billion.
- Trucks, buses, and special purpose vehicles decreased $0.3 billion.
- Consumer goods decreased $0.5 billion.
- Artwork and other collectibles decreased $0.5 billion.
Net balance of payments adjustments increased $0.1 billion.
Exports of services increased $0.6 billion to $85.7 billion in November.
- Travel increased $0.2 billion.
- Other business services increased $0.1 billion.
- Transport increased $0.1 billion.
- Government goods and services increased $0.1 billion.
Imports
Imports of goods decreased $6.0 billion to $257.4 billion in November.
Imports of goods on a Census basis decreased $5.9 billion.
- Consumer goods decreased $4.1 billion.
- Cell phones and other household goods decreased $1.9 billion.
- Pharmaceutical preparations decreased $1.4 billion.
- Industrial supplies and materials decreased $0.8 billion.
- Other petroleum products decreased $0.5 billion.
- Organic chemicals decreased $0.4 billion.
- Crude oil increased $1.5 billion.
- Capital goods decreased $0.7 billion.
- Drilling and oilfield equipment decreased $0.7 billion.
Net balance of payments adjustments decreased $0.1 billion.
Imports of services decreased $0.1 billion to $59.6 billion in November.
- Transport decreased $0.5 billion.
- Travel increased $0.3 billion.
Important Revisions
Revisions to October exports
- Exports of goods were revised down $0.1 billion.
- Exports of services were revised down $0.1 billion.
Revisions to October imports
- Imports of goods were revised up $0.1 billion.
- Imports of services were revised down $0.1 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis
The November figures show surpluses, in billions of dollars, with South and Central America ($4.1), Netherlands ($3.0), Hong Kong ($1.8), Australia ($1.4), United Kingdom ($0.6), Singapore ($0.4), Belgium ($0.2), and Brazil (less than $0.1). Deficits were recorded, in billions of dollars, with China ($21.5), European Union ($15.6), Mexico ($13.8), Vietnam ($9.7), Canada ($7.8), Japan ($7.1), Germany ($5.6), Taiwan ($4.6), Ireland ($4.4), India ($4.0), Italy ($3.6), South Korea ($3.5), Switzerland ($2.3), Malaysia ($1.7), France ($0.6), Israel ($0.4), and Saudi Arabia ($0.1).
- The deficit with the European Union decreased $3.5 billion to $15.6 billion in November. Exports increased $1.3 billion to $30.7 billion and imports decreased $2.3 billion to $46.4 billion.
- The deficit with China decreased $2.4 billion to $21.5 billion in November. Exports decreased $1.8 billion to $11.9 billion and imports decreased $4.2 billion to $33.4 billion.
- The deficit with Switzerland increased $2.0 billion to $2.3 billion in November. Exports decreased $2.5 billion to $1.4 billion and imports decreased $0.5 billion to $3.7 billion.
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