Trade Deficit Decreases $4.9 Billion in November
According to the U.S. Census Bureau of Economic Analysis and the U.S. Census Bureau, the U.S. monthly international trade deficit decreased $4.9 billion to $34.3 billion from the previous month. Further, the total November exports were $194.9 billion and imports were $229.1 billion. November exports increased $1.7 billion, while imports decreased compared to October by $3.4 billion.
For November, the U.S. registered a goods deficit decrease of $4.9 billion from the previous month and a services surplus of $19.7 billion for the same time period. Exported goods totaled $137.1 billion, while imported goods totaled $191 billion. Compared to the previous year, the total trade deficit for November decreased by $12.2 billion. Exports increased 5.2% to $9.6 billion, while imports decreased 1.1% for $2.5 billion.
The increases in exports was realized in industrial supplies and materials, capital goods, and automotive parts, vehicles, and engines. U.S. exports of consumer goods and foods, feeds, and beverages decreased in November. Imports of industrial supplies and materials, consumer goods, foods, feeds, and beverages, as well as consumer goods decreased from October. This could be related to late-season holiday shipping trends. U.S. imports of automotive parts, vehicles, and engines and capital goods increased from the previous month.
When compared to November 2012, exports increased in industrial supplies and materials, capital goods, foods, feeds, and beverages, automotive vehicles, parts, and engines, as well as consumer goods. Also, U.S. imports increased in capital goods, automotive parts, vehicles, and engines, as well as food, feeds, and beverages.
November showed trade surpluses with the following countries, Hong Kong, Australia, Singapore, and Brazil. The U.S. experienced deficits with the following countries: China, European Union, Germany, Japan, OPEC, Mexico, Saudi Arabia, Ireland, Venezuela, Canada, Korea, and India.
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