The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $78.2 billion in November, up $4.6 billion from $73.6 billion in October, revised.
U.S. International Trade in Goods and Services Deficit |
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$78.2 Billion |
+6.2%° |
|
Exports: |
$273.4 Billion |
+2.7%° |
Imports: |
$351.6 Billion |
+3.4%° |
Next release: Wednesday, February 5, 2025 (°) 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, January 7, 2025 |
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Exports, Imports, and Balance (exhibit 1)
November exports were $273.4 billion, $7.1 billion more than October exports. November imports were $351.6 billion, $11.6 billion more than October imports.
The November increase in the goods and services deficit reflected an increase in the goods deficit of $5.4 billion to $103.4 billion and an increase in the services surplus of $0.9 billion to $25.2 billion.
Year-to-date, the goods and services deficit increased $93.9 billion, or 13.0 percent, from the same period in 2023. Exports increased $111.5 billion or 4.0 percent. Imports increased $205.3 billion or 5.8 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $2.5 billion to $78.5 billion for the three months ending in November.
- Average exports increased $0.2 billion to $269.9 billion in November.
- Average imports increased $2.8 billion to $348.4 billion in November.
Year-over-year, the average goods and services deficit increased $14.8 billion from the three months ending in November 2023.
- Average exports increased $10.2 billion from November 2023.
- Average imports increased $25.0 billion from November 2023.
Exports (exhibits 3, 6, and 7)
Exports of goods increased $6.2 billion to $177.6 billion in November.
Exports of goods on a Census basis increased $5.6 billion.
- Industrial supplies and materials increased $4.3 billion.
- Other petroleum products increased $0.9 billion.
- Crude oil increased $0.7 billion.
- Plastic materials increased $0.6 billion.
- Nonmonetary gold decreased $0.5 billion.
- Automotive vehicles, parts, and engines increased $1.9 billion.
- Passenger cars increased $0.8 billion.
- Trucks, buses, and special purpose vehicles increased $0.6 billion.
- Capital goods increased $1.8 billion.
- Civilian aircraft engines increased $0.5 billion.
- Other industrial machinery increased $0.4 billion.
- Consumer goods increased $1.6 billion.
- Pharmaceutical preparations increased $0.8 billion.
- Other goods decreased $5.0 billion. (See the “Notice” for more information.)
Net balance of payments adjustments increased $0.6 billion.
Exports of services increased $0.9 billion to $95.8 billion in November.
- Travel increased $0.3 billion.
- Transport increased $0.3 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods increased $11.6 billion to $280.9 billion in November.
Imports of goods on a Census basis increased $11.6 billion.
- Industrial supplies and materials increased $3.7 billion.
- Nonmonetary gold increased $1.0 billion.
- Crude oil increased $1.0 billion.
- Capital goods increased $3.5 billion.
- Semiconductors increased $1.2 billion.
- Civilian aircraft increased $1.1 billion.
- Foods, feeds, and beverages increased $1.4 billion.
- Automotive vehicles, parts, and engines increased $1.2 billion.
- Passenger cars increased $1.1 billion.
Net balance of payments adjustments increased less than $0.1 billion.
Imports of services increased less than $0.1 billion to $70.6 billion in November.
- Charges for the use of intellectual property increased $0.1 billion.
- Insurance services increased $0.1 billion.
- Other business services increased $0.1 billion.
- Travel increased $0.1 billion.
- Transport decreased $0.4 billion.
Real Goods in 2017 Dollars – Census Basis (exhibit 11)
The real goods deficit increased $4.7 billion, or 5.1 percent, to $96.5 billion in November, compared to a 6.1 percent increase in the nominal deficit.
- Real exports of goods increased $4.9 billion, or 3.4 percent, to $147.3 billion, compared to a 3.3 percent increase in nominal exports.
- Real imports of goods increased $9.6 billion, or 4.1 percent, to $243.8 billion, compared to a 4.3 percent increase in nominal imports.
Revisions
Revisions to October exports
- Exports of goods were revised up $0.7 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 up $0.4 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The November figures show surpluses, in billions of dollars, with Netherlands ($5.4), South and Central America ($3.6), Australia ($2.0), Hong Kong ($2.0), Belgium ($0.5), Saudi Arabia ($0.3), United Kingdom ($0.3), and Brazil ($0.2). Deficits were recorded, in billions of dollars, with China ($25.4), European Union ($20.5), Mexico ($15.4), Vietnam ($11.3), Ireland ($9.3), Germany ($6.9), Taiwan ($5.5), Japan ($5.3), South Korea ($5.1), Canada ($4.9), India ($3.9), Switzerland ($3.9), Italy ($2.9), Malaysia ($2.8), France ($2.3), Israel ($0.7), and Singapore ($0.6).
- The deficit with France increased $2.2 billion to $2.3 billion in November. Exports decreased $0.3 billion to $3.7 billion and imports increased $1.9 billion to $6.0 billion.
- The surplus with the United Kingdom decreased $1.8 billion to $0.3 billion in November. Exports decreased $1.0 billion to $6.3 billion and imports increased $0.7 billion to $6.1 billion.
- The deficit with Japan decreased $1.2 billion to $5.3 billion in November. Exports increased $0.2 billion to $6.6 billion and imports decreased $1.1 billion to $11.9 billion.
