U.S. International Trade in Goods and Services, November 2020
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $68.1 billion in November, up $5.0 billion from $63.1 billion in October, revised.
Next release: February 5, 2021
(°) 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, 2021
Exports and imports in November 2020 reflect both the ongoing impact of the COVID-19 pandemic and the continued economic recovery from the sharp declines earlier in the year. The full economic effects of the pandemic cannot be quantified in the trade statistics because the impacts are generally embedded in source data and cannot be separately identified. The Census Bureau and the Bureau of Economic Analysis continue to monitor data quality and have determined estimates in this release meet publication standards. For more information, see the frequently asked questions on goods from the Census Bureau and on services from BEA.
Exports, Imports, and Balance (exhibit 1)
November exports were $184.2 billion, $2.2 billion more than October exports. November imports were $252.3 billion, $7.2 billion more than October imports.
The November increase in the goods and services deficit reflected an increase in the goods deficit of $5.0 billion to $86.4 billion and a decrease in the services surplus of less than $0.1 billion to $18.2 billion.
Year-to-date, the goods and services deficit increased $73.6 billion, or 13.9 percent, from the same period in 2019. Exports decreased $372.3 billion or 16.1 percent. Imports decreased $298.7 billion or 10.5 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $1.1 billion to $64.4 billion for the three months ending in November.
- Average exports increased $3.4 billion to $181.4 billion in November.
- Average imports increased $4.5 billion to $245.9 billion in November.
Year-over-year, the average goods and services deficit increased $20.5 billion from the three months ending in November 2019.
- Average exports decreased $28.7 billion from November 2019.
- Average imports decreased $8.2 billion from November 2019.
Exports (exhibits 3, 6, and 7)
Exports of goods increased $1.3 billion to $127.7 billion in November.
Exports of goods on a Census basis increased $1.3 billion.
- Industrial supplies and materials increased $0.8 billion.
- Natural gas increased $0.5 billion.
- Foods, feeds, and beverages increased $0.5 billion.
Net balance of payments adjustments increased less than $0.1 billion.
Exports of services increased $0.9 billion to $56.4 billion in November.
- Travel increased $0.5 billion.
- Transport increased $0.3 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods increased $6.3 billion to $214.1 billion in November.
Imports of goods on a Census basis increased $6.4 billion.
- Consumer goods increased $4.0 billion.
- Cell phones and other household goods increased $2.8 billion.
- Industrial supplies and materials increased $1.5 billion.
- Capital goods increased $1.2 billion.
- Automotive vehicles, parts, and engines decreased $1.0 billion.
- Passenger cars decreased $1.1 billion.
Net balance of payments adjustments decreased $0.1 billion.
Imports of services increased $0.9 billion to $38.2 billion in November.
- Transport increased $0.4 billion.
- Travel increased $0.4 billion.
Real Goods in 2012 Dollars – Census Basis (exhibit 11)
The real goods deficit increased $6.7 billion to $96.5 billion in November.
- Real exports of goods increased $0.7 billion to $144.6 billion.
- Real imports of goods increased $7.4 billion to $241.1 billion.
Revisions to October exports
- Exports of goods were revised up $0.1 billion.
- Exports of services were revised down $0.1 billion.
Revisions to October imports
- Imports of goods were revised up less than $0.1 billion.
- Imports of services were revised down 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 ($3.0), Hong Kong ($1.8), OPEC ($1.2), Brazil ($1.2), United Kingdom ($1.1), Saudi Arabia ($0.2), and Singapore ($0.2). Deficits were recorded, in billions of dollars, with China ($30.0), European Union ($16.7), Mexico ($11.3), Japan ($6.6), Germany ($4.9), Italy ($3.5), Taiwan ($3.0), South Korea ($2.9), India ($2.4), Canada ($1.7), and France ($1.7).
- The deficit with China increased $3.5 billion to $30.0 billion in November. Exports decreased $0.5 billion to $12.6 billion and imports increased $3.0 billion to $42.6 billion.
- The deficit with the European Union increased $1.0 billion to $16.7 billion in November. Exports increased $0.9 billion to $20.4 billion and imports increased $2.0 billion to $37.1 billion.
- The surplus with South and Central America increased $0.8 billion to $3.0 billion in November. Exports increased $0.2 billion to $11.0 billion and imports decreased $0.6 billion to $8.0 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, 2021, at 8:30 A.M. EST
U.S. International Trade in Goods and Services, December 2020
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Discontinuation of the Organization of the Petroleum Exporting Countries (OPEC) Grouping
The OPEC grouping will be discontinued with the release of the "U.S. International Trade in Goods and Services, January 2021" (FT-900) report on March 5, 2021. This change will affect exhibits 14, 14a, 17a, 19, 20, 20a, and 20b of the FT-900 and exhibits 4 and 4a of the FT-900 Supplement. Previews of the modified exhibits are available at www.census.gov/foreign-trade/statistics/notices/no-opec-templates-ft900.xlsx.
Data for goods on a Census basis for OPEC member countries will continue to be available on USA Trade Online, the U.S. Census Bureau's free online database, as well as on the Census Bureau's application programming interface.
If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, International Trade Macro Analysis Branch, on (800) 549-0595, option 4, or at email@example.com or the U.S. Bureau of Economic Analysis, Balance of Payments Division, at InternationalAccounts@bea.gov.