International Trade in Goods and Services

The U.S. monthly international trade deficit decreased in November 2018 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $55.7 billion in October (revised) to $49.3 billion in November, as imports decreased more than exports. The previously published October deficit was $55.5 billion. The goods deficit decreased $6.7 billion in November to $71.6 billion. The services surplus decreased $0.3 billion in November to $22.3 billion.

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.

U.S. International Trade in Goods and Services Deficit

Deficit:	$49.3 Billion	-11.5%°
Exports:	$209.9 Billion	-0.6%°
Imports:	$259.2 Billion	-2.9%°
Next release: To be determined. Report delayed due to recent lapse in federal funding. (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, February 6, 2019.

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.