U.S. International Trade in Goods and Services, November 2022
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $61.5 billion in November, down $16.3 billion from $77.8 billion in October, revised.
Next release: Tuesday, February 7, 2023
(°) 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 5, 2023
Exports, Imports, and Balance (exhibit 1)
November exports were $251.9 billion, $5.1 billion less than October exports. November imports were $313.4 billion, $21.5 billion less than October imports.
The November decrease in the goods and services deficit reflected a decrease in the goods deficit of $15.3 billion to $84.1 billion and an increase in the services surplus of $1.0 billion to $22.5 billion.
Year-to-date, the goods and services deficit increased $120.1 billion, or 15.7 percent, from the same period in 2021. Exports increased $439.4 billion or 18.9 percent. Imports increased $559.5 billion or 18.1 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit decreased $1.4 billion to $71.2 billion for the three months ending in November.
- Average exports decreased $3.3 billion to $255.8 billion in November.
- Average imports decreased $4.7 billion to $327.0 billion in November.
Year-over-year, the average goods and services deficit decreased $3.7 billion from the three months ending in November 2021.
- Average exports increased $33.9 billion from November 2021.
- Average imports increased $30.2 billion from November 2021.
Exports (exhibits 3, 6, and 7)
Exports of goods decreased $5.3 billion to $170.8 billion in November.
Exports of goods on a Census basis decreased $4.9 billion.
- Industrial supplies and materials decreased $3.6 billion.
- Natural gas decreased $1.6 billion.
- Nonmonetary gold decreased $0.8 billion.
- Crude oil decreased $0.6 billion.
- Capital goods decreased $1.3 billion.
- Civilian aircraft decreased $0.5 billion.
- Consumer goods increased $0.9 billion.
- Pharmaceutical preparations increased $1.2 billion.
Net balance of payments adjustments decreased $0.4 billion.
Exports of services increased $0.2 billion to $81.0 billion in November.
- Other business services increased $0.1 billion.
- Telecommunications, computer, and information services increased $0.1 billion.
- Charges for the use of intellectual property increased $0.1 billion.
- Travel decreased $0.2 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods decreased $20.7 billion to $254.9 billion in November.
Imports of goods on a Census basis decreased $20.6 billion.
- Consumer goods decreased $8.8 billion.
- Pharmaceutical preparations decreased $2.9 billion.
- Cell phones and other household goods decreased $2.7 billion.
- Industrial supplies and materials decreased $3.7 billion.
- Crude oil decreased $1.7 billion.
- Automotive vehicles, parts, and engines decreased $3.3 billion.
- Passenger cars decreased $1.6 billion.
- Other automotive parts and accessories decreased $1.0 billion.
- Capital goods decreased $3.0 billion.
- Computers decreased $1.1 billion.
- Telecommunications equipment decreased $0.7 billion.
Net balance of payments adjustments decreased $0.1 billion.
Imports of services decreased $0.8 billion to $58.5 billion in November.
- Transport decreased $0.7 billion.
- Travel decreased $0.4 billion.
- Charges for the use of intellectual property increased $0.2 billion.
Real Goods in 2012 Dollars – Census Basis (exhibit 11)
The real goods deficit decreased $15.9 billion to $97.1 billion in November.
- Real exports of goods decreased $4.0 billion to $154.1 billion.
- Real imports of goods decreased $20.0 billion to $251.3 billion.
Revisions to October exports
- Exports of goods were revised up $0.2 billion.
- Exports of services were revised up $0.2 billion.
Revisions to October imports
- Imports of goods were revised down less than $0.1 billion.
- Imports of services were revised up $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 ($5.3), Netherlands ($2.4), Hong Kong ($1.6), United Kingdom ($1.2), Australia ($1.0), Singapore ($1.0), Brazil ($0.5), and Belgium ($0.1). Deficits were recorded, in billions of dollars, with China ($20.4), European Union ($19.5), Mexico ($10.9), Vietnam ($8.5), Germany ($7.2), Ireland ($5.6), Japan ($5.6), Taiwan ($4.1), South Korea ($3.7), Canada ($3.5), Italy ($3.4), Malaysia ($3.1), India ($2.3), Switzerland ($1.3), Saudi Arabia ($0.9), Israel ($0.7), and France ($0.6).
- The deficit with China decreased $5.8 billion to $20.4 billion in November. Exports decreased $0.1 billion to $13.5 billion and imports decreased $5.8 billion to $33.9 billion.
- The deficit with the European Union decreased $3.6 billion to $19.5 billion in November. Exports decreased $0.3 billion to $28.5 billion and imports decreased $3.9 billion to $48.0 billion.
- The deficit with Switzerland increased $0.8 billion to $1.3 billion in November. Exports decreased $1.8 billion to $3.0 billion and imports decreased $1.0 billion to $4.2 billion.
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.
Next release: February 7, 2023, at 8:30 a.m. EST
U.S. International Trade in Goods and Services, December and Annual 2022
Change to the Euro Area
With the release of the "U.S. International Trade in Goods and Services" report (FT-900) on March 8, 2023, statistics for the area grouping "Euro Area" will include Croatia, which adopted the euro as its currency effective January 1, 2023. This change will affect exhibit 14 of the FT-900 and exhibit 4 of the FT-900 Supplement.
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 firstname.lastname@example.org or BEA, Balance of Payments Division, at InternationalAccounts@bea.gov.