U.S. Trade Deficit Narrows in November


United States trade deficit in goods and services decreased to $38.3 billion in November from $38.4 billion (revised) in October, as exports increased more than imports.

Exports increased to $159.6 billion in November from $158.4 billion in October. Goods were $113.5 billion in November, up from $112.2 billion in October, and services were virtually unchanged at $46.2 billion.

Imports increased to $198.0 billion in November from $196.8 billion in October. Goods were $164.7 billion in November, up from $163.2 billion in October, and services were $33.3 billion in November, down from $33.6 billion in October.

For goods, the deficit was $51.2 billion in November, up from $51.1 billion in October. For services, the surplus was $12.9 billion in November, up from $12.6 billion in October.

Goods by Category (Census basis)


The October to November increase in exports of goods reflected increases in consumer goods ($1.0 billion); foods, feeds, and beverages ($0.6 billion); industrial supplies and materials ($0.3 billion); and capital goods ($0.2 billion). Decreases occurred in other goods ($0.6 billion) and automotive vehicles, parts, and engines ($0.6 billion).

The October to November increase in imports of goods reflected increases in industrial supplies and materials ($1.9 billion); capital goods ($1.0 billion); and foods, feeds, and beverages ($0.2 billion). Decreases occurred in consumer goods ($0.9 billion); Automotive vehicles, parts, and engines ($0.4 billion); and other goods ($0.2 billion).

Services by Category


The October to November decrease in exports of services was more than accounted for by decreases in travel ($0.1 billion) and passenger fares ($0.1 billion). Increases in other transportation ($0.1 billion), which includes freight and port services, and in other private services ($0.1 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, were partly offsetting. Changes in the other categories of services exports were small.

The October to November decrease in imports of services was mostly accounted for by decreases in other transportation ($0.1 billion) and travel ($0.1 billion). Changes in the other categories of services imports were small.

Goods by Geographic Area (Not Seasonally Adjusted)

The goods deficit with Canada increased from $1.2 billion in October to $1.8 billion in November. Exports decreased $1.1 billion (primarily nonpassenger vehicles, automotive parts and accessories, and nonferrous metals) to $21.0 billion, while imports decreased $0.5 billion (primarily passenger cars and civilian aircraft) to $22.7 billion.

The goods deficit with China increased from $25.5 billion in October to $25.6 billion in November. Exports increased $0.2 billion (primarily cotton, soybeans, and organic chemicals) to $9.5 billion, while imports increased $0.3 billion (primarily computers and accessories and household goods) to $35.1 billion.

The goods deficit with Mexico decreased from $5.8 billion in October to $5.6 billion in November. Exports decreased $0.5 billion (primarily natural gas and fuel oil) to $14.8 billion, while imports decreased $0.7 billion (primarily automobiles, parts, and accessories) to $20.5 billion.


TradingEconomics.com, US Census Bureau
1/13/2011 2:11:08 PM