The U.S. monthly international trade deficit decreased in November 2022 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $77.8 billion in October (revised) to $61.5 billion in November, as imports decreased more than exports. The goods deficit decreased $15.3 billion in November to $84.1 billion. The services surplus increased $1.0 billion in November to $22.5 billion.
Exports
Exports of goods and services decreased $5.1 billion, or 2.0 percent, in November to $251.9 billion. Exports of goods decreased $5.3 billion and exports of services increased $0.2 billion.
- The decrease in exports of goods reflected decreases in industrial supplies and materials ($3.6 billion) and in capital goods ($1.3 billion). An increase in consumer goods ($0.9 billion) partly offset the decreases.
- The increase in exports of services reflected increases in other business services ($0.1 billion), in telecommunications, computer, and information services ($0.1 billion), and in charges for the use of intellectual property ($0.1 billion). A decrease in travel ($0.2 billion) partly offset the increases.
Imports
Imports of goods and services decreased $21.5 billion, or 6.4 percent, in November to $313.4 billion. Imports of goods decreased $20.7 billion and imports of services decreased $0.8 billion.
- The decrease in imports of goods reflected decreases in consumer goods ($8.8 billion), in industrial supplies and materials ($3.7 billion), in automotive vehicles, parts, and engines ($3.3 billion), and in capital goods ($3.0 billion).
- The decrease in imports of services reflected decreases in transport ($0.7 billion) and in travel ($0.4 billion). An increase in charges for the use of intellectual property ($0.2 billion) partly offset the decreases.
For more detailed information on trade by type of good or service and with major trading partners, see U.S. International Trade in Goods and Services, November 2022.