The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $61.5 billion in November, down $16.3 billion from $77.8 billion in October, revised.

Exports, Imports, and Balance (exhibit 1)

November exports were $251.9 billion, $5.1 billion less than October exports. November imports were $313.4 billion, $21.5 billion less than October imports.

The November decrease in the goods and services deficit reflected a decrease in the goods deficit of $15.3 billion to $84.1 billion and an increase in the services surplus of $1.0 billion to $22.5 billion.

Year-to-date, the goods and services deficit increased $120.1 billion, or 15.7 percent, from the same period in 2021. Exports increased $439.4 billion or 18.9 percent. Imports increased $559.5 billion or 18.1 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $1.4 billion to $71.2 billion for the three months ending in November.

• Average exports decreased $3.3 billion to $255.8 billion in November.
• Average imports decreased $4.7 billion to $327.0 billion in November.

Year-over-year, the average goods and services deficit decreased $3.7 billion from the three months ending in November 2021.

• Average exports increased $33.9 billion from November 2021.
• Average imports increased $30.2 billion from November 2021.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $5.3 billion to $170.8 billion in November.

  Exports of goods on a Census basis decreased $4.9 billion.

• Industrial supplies and materials decreased $3.6 billion.
• Natural gas decreased $1.6 billion.
• Nonmonetary gold decreased $0.8 billion.
• Crude oil decreased $0.6 billion.
• Capital goods decreased $1.3 billion.
• Civilian aircraft decreased $0.5 billion.
• Consumer goods increased $0.9 billion.
• Pharmaceutical preparations increased $1.2 billion.

Net balance of payments adjustments decreased $0.4 billion.

Exports of services increased $0.2 billion to $81.0 billion in November.

• Other business services increased $0.1 billion.
• Telecommunications, computer, and information services increased $0.1 billion.
• Charges for the use of intellectual property increased $0.1 billion.
• Travel decreased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $20.7 billion to $254.9 billion in November.

Imports of goods on a Census basis decreased $20.6 billion.

• Consumer goods decreased $8.8 billion.
• Pharmaceutical preparations decreased $2.9 billion.
• Cell phones and other household goods decreased $2.7 billion.
• Industrial supplies and materials decreased $3.7 billion.
• Crude oil decreased $1.7 billion.
• Automotive vehicles, parts, and engines decreased $3.3 billion.
• Passenger cars decreased $1.6 billion.
• Other automotive parts and accessories decreased $1.0 billion.
• Capital goods decreased $3.0 billion.
• Computers decreased $1.1 billion.
• Telecommunications equipment decreased $0.7 billion.

Net balance of payments adjustments decreased $0.1 billion.

Imports of services decreased $0.8 billion to $58.5 billion in November.

• Transport decreased $0.7 billion.
• Travel decreased $0.4 billion.
• Charges for the use of intellectual property increased $0.2 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit decreased $15.9 billion to $97.1 billion in November.

• Real exports of goods decreased $4.0 billion to $154.1 billion.
• Real imports of goods decreased $20.0 billion to $251.3 billion.

Revisions

Revisions to October exports

• Exports of goods were revised up $0.2 billion.
• Exports of services were revised up $0.2 billion.

Revisions to October imports

• Imports of goods were revised down less than $0.1 billion.
• Imports of services were revised up $0.1 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 ($5.3), Netherlands ($2.4), Hong Kong ($1.6), United Kingdom ($1.2), Australia ($1.0), Singapore ($1.0), Brazil ($0.5), and Belgium ($0.1). Deficits were recorded, in billions of dollars, with China ($20.4), European Union ($19.5), Mexico ($10.9), Vietnam ($8.5), Germany ($7.2), Ireland ($5.6), Japan ($5.6), Taiwan ($4.1), South Korea ($3.7), Canada ($3.5), Italy ($3.4), Malaysia ($3.1), India ($2.3), Switzerland ($1.3), Saudi Arabia ($0.9), Israel ($0.7), and France ($0.6).

• The deficit with China decreased $5.8 billion to $20.4 billion in November. Exports decreased $0.1 billion to $13.5 billion and imports decreased $5.8 billion to $33.9 billion.
• The deficit with the European Union decreased $3.6 billion to $19.5 billion in November. Exports decreased $0.3 billion to $28.5 billion and imports decreased $3.9 billion to $48.0 billion.
• The deficit with Switzerland increased $0.8 billion to $1.3 billion in November. Exports decreased $1.8 billion to $3.0 billion and imports decreased $1.0 billion to $4.2 billion.

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau's Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA's website at www.bea.gov/news/schedule.

Original source can be found here.