Goods and services trade deficit
US goods and services trade deficit
  • Prior month -$64.3 billion revised to $-64.5 billion
  • International trade deficit $-63.2 billion versus $65.0 billion estimate
  • Good trade balance -$89.4BB vs -$90.27
  • November exports totaled $253.7 billion, a decrease of $4.8 billion from October.
  • November imports were $316.9 billion, down $6.1 billion from October.

The goods and services deficit in November decreased due to a $0.6 billion reduction in the goods deficit (to $89.4 billion) and a $0.7 billion increase in the services surplus (to $26.2 billion).

Year-to-date, the goods and services deficit has decreased by $161.8 billion, or 18.4%, compared to the same period in 2022. Over the same period, exports increased by $28.8 billion (1.0%) and imports decreased by $133.0 billion (3.6%).

Other details:

Exports of goods decreased $5.4 billion to $168.0 billion in November.

  • Exports of goods on a Census basis decreased $5.6 billion.
    • Industrial supplies and materials decreased $3.6 billion.
    • Nonmonetary gold decreased $1.9 billion.
    • Crude oil decreased $1.0 billion.
    • Organic chemicals decreased $0.7 billion.
  • Automotive vehicles, parts, and engines decreased $0.8 billion.
    • Other automotive parts and accessories decreased $0.4 billion.
    • Trucks, buses, and special purpose vehicles decreased $0.3 billion.
  • Consumer goods decreased $0.5 billion.
    • Artwork and other collectibles decreased $0.5 billion.

Exports of services increased $0.6 billion to $85.7 billion in November. •

  • Travel increased $0.2 billion.
  • Other business services increased $0.1 billion.
  • Transport increased $0.1 billion.
  • Government goods and services increased $0.1 billion.

Imports of goods decreased $6.0 billion to $257.4 billion in November.

  • Imports of goods on a Census basis decreased $5.9 billion. •
    • Consumer goods decreased $4.1 billion. o
      • Cell phones and other household goods decreased $1.9 billion. o
      • Pharmaceutical preparations decreased $1.4 billion.
    • Industrial supplies and materials decreased $0.8 billion. o
      • Other petroleum products decreased $0.5 billion. o
      • Organic chemicals decreased $0.4 billion. o
      • Crude oil increased $1.5 billion. •
    • Capital goods decreased $0.7 billion. o
    • Drilling and oilfield equipment decreased $0.7 billion.