News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, Tuesday, January 7, 2020
BEA 20-01
CB 20-03

U.S. International Trade in Goods and Services, November 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $43.1 billion in November, down $3.9 billion from $46.9 billion in October, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $43.1 Billion -8.2%°
Exports: $208.6 Billion +0.7%°
Imports: $251.7 Billion -1.0%°

Next release: February 5, 2020

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, January 7, 2020

Goods and Services Trade Deficit, Seasonally adjusted

Exports, Imports, and Balance (exhibit 1)

November exports were $208.6 billion, $1.4 billion more than October exports. November imports were $251.7 billion, $2.5 billion less than October imports.

The November decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.9 billion to $63.9 billion and a decrease in the services surplus of less than $0.1 billion to $20.8 billion.

Year-to-date, the goods and services deficit decreased $3.9 billion, or 0.7 percent, from the same period in 2018. Exports decreased less than $0.1 billion or less than 0.1 percent. Imports decreased $3.9 billion or 0.1 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $3.5 billion to $47.0 billion for the three months ending in November.

  • Average exports decreased $0.2 billion to $207.8 billion in November.
  • Average imports decreased $3.7 billion to $254.9 billion in November.

Year-over-year, the average goods and services deficit decreased $8.4 billion from the three months ending in November 2018.

  • Average exports decreased $1.5 billion from November 2018.
  • Average imports decreased $9.9 billion from November 2018.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $1.0 billion to $137.2 billion in November.

   Exports of goods on a Census basis increased $1.0 billion.

  • Capital goods increased $0.6 billion.
    • Drilling and oilfield equipment increased $0.4 billion.
    • Civilian aircraft engines increased $0.3 billion.
  • Consumer goods increased $0.5 billion.
    • Jewelry increased $0.4 billion.
    • Gem diamonds increased $0.3 billion.
  • Automotive vehicles, parts, and engines increased $0.4 billion.
  • Other goods decreased $0.5 billion.

   Net balance of payments adjustments decreased less than $0.1 billion.

Exports of services increased $0.4 billion to $71.5 billion in November.

  • Other business services increased $0.1 billion.
  • Transport increased $0.1 billion.
  • Travel increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $2.9 billion to $201.1 billion in November.

   Imports of goods on a Census basis decreased $2.7 billion.

  • Capital goods decreased $1.2 billion.
    • Civilian aircraft decreased $0.6 billion.
    • Computers decreased $0.6 billion.
  • Consumer goods decreased $1.0 billion.
    • Cell phones and other household goods decreased $0.5 billion.
    • Artwork and other collectibles decreased $0.3 billion.
  • Other goods decreased $0.8 billion.
  • Industrial supplies and materials decreased $0.6 billion.
  • Automotive vehicles, parts, and engines increased $1.1 billion.
    • Automotive parts and accessories increased $0.5 billion.
    • Trucks, buses, and special purpose vehicles increased $0.3 billion.

   Net balance of payments adjustments decreased $0.2 billion.

Imports of services increased $0.4 billion to $50.7 billion in November.

  • Travel increased $0.1 billion.
  • Transport increased $0.1 billion.

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

The real goods deficit decreased $3.7 billion to $75.3 billion in November.

  • Real exports of goods increased $0.7 billion to $148.7 billion.
  • Real imports of goods decreased $3.0 billion to $224.0 billion.

Revisions

Revisions to October exports

  • Exports of goods were revised up $0.1 billion.
  • Exports of services were revised up less than $0.1 billion.

Revisions to October imports

  • Imports of goods were revised down $0.1 billion.
  • Imports of services were revised up less than $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 ($4.9), Hong Kong ($1.8), Brazil ($1.7), United Kingdom ($1.3), OPEC ($0.7), Singapore ($0.6), and Saudi Arabia ($0.1). Deficits were recorded, in billions of dollars, with China ($25.6), European Union ($13.5), Mexico ($8.5), Japan ($5.7), Germany ($5.2), India ($2.4), Italy ($2.3), Taiwan ($1.7), Canada ($1.7), South Korea ($1.2), and France ($1.2).

  • The deficit with China decreased $2.2 billion to $25.6 billion in November. Exports increased $1.4 billion to $8.9 billion and imports decreased $0.8 billion to $34.5 billion.
  • The deficit with Canada decreased $1.6 billion to $1.7 billion in November. Exports increased $0.1 billion to $24.0 billion and imports decreased $1.5 billion to $25.7 billion.
  • The deficit with Japan increased $1.3 billion to $5.7 billion in November. Exports decreased $0.6 billion to $5.8 billion and imports increased $0.7 billion to $11.6 billion.

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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.

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Next release: February 5, 2020, at 8:30 A.M. EST
U.S. International Trade in Goods and Services, December 2019

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Notice

Change to Exhibit 17

With the release of the "U.S. International Trade in Goods and Services, January 2020" report on March 6, 2020, exhibit 17 will include exports of energy-related petroleum products—in addition to imports—and will be renamed Exhibit 17. U.S. Trade in Energy-Related Petroleum Products, Including Crude Oil. A preview of the modified exhibit is available at
www.census.gov/foreign-trade/statistics/notices/20191205_exhibit17.html.

If you have questions or need additional information, please contact the U.S. Census Bureau, Economic Indicators Division, International Trade Macro Analysis Branch, on (800) 549-0595, option 4, or at [email protected].