Research >> Economics
Goods and Services Deficit Decreased in November 2018
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The nation's international trade deficit in goods and services decreased to $49.3 billion in November from $55.7 billion in October (revised), as imports decreased more than exports. 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.
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.
o Other petroleum products decreased $0.6 billion.
o Nonmonetary gold decreased $0.5 billion.
• Consumer goods decreased $0.9 billion.
o Gem diamonds decreased $0.5 billion.
o Pharmaceutical preparations decreased $0.4 billion.
• Capital goods increased $1.4 billion.
o 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.
o Cell phones and other household goods decreased $2.3 billion.
o Artwork, antiques, stamps, and other collectibles decreased $0.4 billion.
• Industrial supplies and materials decreased $3.4 billion.
o Other petroleum products decreased $1.4 billion.
o Fuel oil decreased $0.8 billion.
o 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.
Posted: February 6, 2019 Wednesday 08:30 PM