US Trade balance in November 2009

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced on January 12:

US International Trade in Goods and Services:


Goods and Services

Total November exports of $138.2 billion and imports of $174.6 billion resulted in a goods and services deficit of $36.4 billion, up from $33.2 billion in October, revised.

November exports were $1.2 billion more than October exports of $137.0 billion.
November imports were $4.4 billion more than October imports of $170.2 billion.


In November, the goods deficit increased $3.2 billion from October to $48.4 billion, and the services surplus was virtually unchanged at $12.0 billion.

Exports of goods increased $1.2 billion to $94.6 billion, and imports of goods increased $4.4 billion to $143.0 billion.

Exports of services increased $0.1 billion to $43.6 billion, and imports of services increased $0.1 billion to $31.6 billion.

In November, the goods and services deficit decreased $6.8 billion from November 2008.
Exports were down $3.3 billion, or 2.3 percent, and imports were down $10.1 billion, or
5.5 percent.


Goods (Census basis)

The October to November increase in exports of goods reflected increases in foods, feeds, and beverages ($1.3 billion); automotive vehicles, parts, and engines ($0.7 billion); and capital goods ($0.4 billion). Decreases occurred in consumer goods ($0.7 billion), industrial supplies and materials ($0.5 billion), and other goods ($0.4 billion).

The October to November increase in imports of goods reflected increases in industrial supplies and materials ($2.1 billion), consumer goods ($1.4 billion), and capital goods ($1.2 billion). Decreases occurred in foods, feeds, and beverages ($0.2 billion) and automotive vehicles, parts, and engines ($0.1 billion). Other goods were virtually unchanged.

The November 2008 to November 2009 decrease in exports of goods reflected decreases
in capital goods ($2.3 billion); automotive vehicles, parts, and engines ($0.6 billion); industrial supplies and materials ($0.5 billion); other goods ($0.5 billion); and consumer goods ($0.2 billion). An increase occurred in foods, feeds, and beverages ($1.1 billion).

The November 2008 to November 2009 decrease in imports of goods reflected decreases in industrial supplies and materials ($5.7 billion); capital goods ($2.2 billion); other goods ($0.7 billion); and foods, feeds, and beverages ($0.6 billion). Increases occurred in consumer goods ($0.6 billion) and automotive vehicles, parts, and engines ($0.1 billion).

Services

Services exports increased $0.1 billion from October to November. The increase was more than accounted for by an increase in other transportation (which includes freight and port services). A decrease in travel was partly offsetting. Changes in the other categories of services exports were small.

Services imports increased $0.1 billion from October to November. The increase was more than accounted for by an increase in other transportation. A decrease in travel was partly offsetting. Changes in the other categories of services imports were small.

Services exports decreased $0.4 billion from November 2008 to November 2009. The largest decreases were in travel ($0.5 billion), royalties and license fees ($0.4 billion), and passenger fares ($0.3 billion). Increases in other private services ($0.5 billion), which includes items such as business, professional, and technical services; insurance services; and financial services, and transfers under U.S. military sales contracts ($0.5 billion) were partly offsetting.

Services imports decreased $1.3 billion from November 2008 to November 2009. Decreases in other transportation ($0.8 billion), passenger fares ($0.7 billion), and travel ($0.5 billion) were partly offset by an increase in other private services ($0.4 billion).

Goods and Services Moving Average

For the three months ending in November, exports of goods and services averaged $136.2 billion, while imports of goods and services averaged $171.3 billion, resulting in an average trade deficit of $35.1 billion. For the three months ending in October, the average trade deficit was $33.1 billion, reflecting average exports of $133.4 billion and average imports of $166.4 billion.

Selected Not Seasonally Adjusted Goods Details

The November figures show surpluses, in billions of dollars, with Hong Kong $1.4 ($1.6 for October), Australia $1.0 ($1.3), Singapore $0.7 ($0.9), and Egypt $0.2 ($0.4). Deficits were recorded, in billions of dollars, with China $20.2 ($22.7), European Union $6.4 ($4.9), OPEC $6.1 ($5.8), Japan $5.4 ($4.4), Mexico $5.1 ($4.6), Nigeria $2.1 ($1.4), Venezuela $1.6 ($1.7), Canada $1.4 ($2.1), Taiwan $0.9 ($0.7), and Korea $0.7 ($0.5).

Advanced technology products exports were $21.0 billion in November and imports were $29.3 billion, resulting in a deficit of $8.3 billion. November exports were $2.7 billion less than the $23.7 billion in October, while November imports were virtually unchanged.

Revisions

For October, goods exports were revised down $0.1 billion and goods imports were revised up $0.3 billion. Goods carry-over in November was $0.1 billion (0.1 percent) for exports and $0.9 billion (0.7 percent) for imports. For October, revised export carry-over was virtually zero. For October, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.6 billion (0.4 percent).

Services exports for October were revised up $0.2 billion to $43.5 billion, reflecting upward revisions in most categories. Services imports for October were revised up $0.1 billion to $31.6 billion, reflecting upward revisions in most categories.