The U.S. monthly international trade deficit decreased in November 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $42.2 billion in October (revised) to $39.0 billion in November, as imports decreased more than exports. The previously published October deficit was $43.4 billion. The goods deficit decreased $3.3 billion from October to $58.3 billion in November. The services surplus decreased $0.1 billion from October to $19.3 billion in November.
Exports
Exports of goods and services decreased $2.0 billion in November to $196.4 billion, mostly reflecting a decrease in exports of goods. Exports of services also decreased.
- The decrease in exports of goods was more than accounted for by a decrease in capital goods. An increase in industrial supplies and materials was partly offsetting.
- The decrease in exports of services mostly reflected a decrease in transport, which includes freight and port services and passenger fares.
Imports
Imports of goods and services decreased $5.2 billion in November to $235.4 billion, reflecting a decrease in imports of goods. Imports of services were nearly unchanged.
- The decrease in imports of goods mostly reflected a decrease in industrial supplies and materials.
- Imports of services were nearly unchanged as a decrease in travel (for all purposes including education) was mostly offset by small increases in several other categories.
Goods by geographic area (seasonally adjusted, Census basis)
- The goods deficit with Canada decreased from $2.7 billion in October (revised) to $1.4 billion in November. Exports were nearly unchanged at $26.7 billion and imports decreased $1.3 billion to $28.1 billion
- The goods surplus with South and Central America increased from $2.3 billion in October to $4.3 billion in November. Exports increased $0.5 billion to $15.5 billion and imports decreased $1.5 billion to $11.2 billion.
- The goods deficit with the European Union increased from $11.2 billion in October 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.