FOR IMMEDIATE RELEASE AT 8:30 A.M. EST, WEDNESDAY, JANUARY 7, 2015
CB 15-06
BEA 15-01
FT-900 (14-11)



* See the navigation bar at the right side of the news release text for links to data tables, contact personnel and their telephone numbers, and supplementary materials.

                                     U.S. Census Bureau
                              U.S. Bureau of Economic Analysis
                                            NEWS
                     U.S. Department of Commerce * Washington, DC 20230
                       U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
                                       November 2014

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of
Commerce, announced today that the goods and services deficit was $39.0 billion in November,
down $3.2 billion from $42.2 billion in October, revised. November exports were $196.4 billion,
$2.0 billion less than October exports. November imports were $235.4 billion, $5.2 billion less
than October imports.

The November decrease in the goods and services deficit reflected a decrease in the goods deficit
of $3.3 billion to $58.3 billion and a decrease in the services surplus of $0.1 billion to $19.3
billion.

Year-to-date, the goods and services deficit increased $22.3 billion, or 5.1 percent, from the
same period in 2013. Exports increased $60.0 billion or 2.9 percent. Imports increased $82.4
billion or 3.3 percent.

Goods and Services Three-Month Moving Averages (Exhibit 2)

The average goods and services deficit decreased $0.3 billion to $41.6 billion for the three
months ending in November.

   * Average exports of goods and services decreased $0.8 billion to $196.6 billion in November.
   * Average imports of goods and services decreased $1.1 billion to $238.3 billion in November.

Year-over-year, the average goods and services deficit increased $2.5 billion from the three
months ending in November 2013.

   * Average exports of goods and services increased $3.6 billion from November 2013.
   * Average imports of goods and services increased $6.1 billion from November 2013.

Exports (Exhibits 3, 6, and 7)

Exports of goods decreased $1.8 billion to $136.7 billion in November.
   Exports of goods on a Census basis decreased $1.9 billion.
      * Capital goods decreased $2.3 billion.
         o Civilian aircraft decreased $1.1 billion.
         o Generators, transformers, and accessories decreased $0.3 billion.
   Net balance of payments adjustments increased $0.1 billion.

Exports of services decreased $0.1 billion to $59.6 billion in November. The decrease mostly
reflected a decrease in transport ($0.1 billion), which includes freight and port services and
passenger fares.

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $5.2 billion to $195.0 billion in November.
   Imports of goods on a Census basis decreased $5.2 billion.
      * Industrial supplies and materials decreased $4.6 billion.
         o Crude oil decreased $2.2 billion.
         o Fuel oil decreased $0.7 billion.
   Net balance of payments adjustments decreased less than $0.1 billion.

Imports of services decreased less than $0.1 billion to $40.4 billion in November. A decrease
in travel (for all purposes including education) ($0.1 billion) was mostly offset by increases
of less than $0.1 billion in several categories of services.

Real Goods in 2009 Dollars – Census Basis (Exhibit 11)

The real goods deficit decreased $2.2 billion to $47.8 billion in November.

   * Real exports of goods decreased $0.6 billion to $123.5 billion.
   * Real imports of goods decreased $2.8 billion to $171.4 billion.

Revisions

Revisions to October exports
   * Exports of goods were revised upward $0.5 billion.
   * Exports of services were revised upward $0.2 billion.

Revisions to October imports
   * Imports of goods were revised downward $0.5 billion.
   * Imports of services were revised upward $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
($4.3) and Brazil ($0.6). Deficits were recorded, in billions of dollars, with China ($29.8),
European Union ($12.7), Germany ($6.3), Japan ($5.6), Mexico ($4.4), South Korea ($2.9), Italy
($2.3), India ($1.7), France ($1.6), OPEC ($1.6), Canada ($1.4), Saudi Arabia ($1.3), and United
Kingdom ($0.2).

   * The deficit with China increased $0.2 billion to $29.8 billion in November. Exports decreased
     $0.2 billion to $11.1 billion and imports decreased $0.1 billion to $40.9 billion.
   * The deficit with the European Union increased $1.5 billion to $12.7 billion in November.
     Exports decreased $0.7 billion to $22.2 billion and imports increased $0.8 billion to $35.0
     billion.

NOTES:

* 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 scheduled release dates through
  December 2015, see the information section on page A-1 of this release. The next release is
  February 5, 2015.

* For definitions of goods on a balance of payments basis, goods on a Census basis, and net
  balance of payments adjustments, see the information section on page A-1 of this release.

NOTICE

Upcoming Changes to the FT-900 and the FT-900 Supplement

With the release of the “U.S. International Trade in Goods and Services: January 2015” report
(FT-900) and the accompanying FT-900 Supplement on March 6, 2015, the following changes will be
made:

   * Exhibit 3 of the FT-900 Supplement, “General Imports of Crude Oil by Country,” will be moved
     to the FT-900 and will be numbered Exhibit 17a. The content of this exhibit will not change.
   * Exhibit 4 of the FT-900 Supplement, “Exports and Imports of Goods by SITC Commodity Sections,”
     will be eliminated because the data in this exhibit are available in Exhibit 15 of the FT-900.
   * Exhibits 5, 6, and 6a of the FT-900 Supplement will be renumbered Exhibits 3, 4, and 4a,
     respectively.
   * The Euro Area will include Lithuania, which joined on January 1, 2015. This change will
     affect Exhibit 14 of the FT-900 and Exhibit 4 (current Exhibit 6) of the FT-900 Supplement.

If you have questions or need additional information, please contact the International Trade
Indicator Macro Analysis Branch of the U.S. Census Bureau’s Economic Indicators Division on
(301) 763-2311 or at (ftd.data.dissemination@census.gov).