U.S. Trade Deficit Narrows in November

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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of
Commerce, announced today that the goods and services deficit was $42.4 billion in November,
down $2.2 billion from $44.6 billion in October, revised. November exports were $182.2 billion,
$1.6 billion less than October exports. November imports were $224.6 billion, $3.8 billion less
than October imports.

The November decrease in the goods and services deficit reflected a decrease in the goods deficit
of $2.3 billion to $61.3 billion and a decrease in the services surplus of $0.1 billion to $18.9
billion.

Year-to-date, the goods and services deficit increased $25.2 billion, or 5.5 percent, from the
same period in 2014. Exports decreased $99.0 billion or 4.6 percent. Imports decreased $73.7
billion or 2.8 percent.

Goods and Services Three-Month Moving Averages (Exhibit 2)

The average goods and services deficit decreased $2.1 billion to $43.1 billion for the three
months ending in November.
* Average exports of goods and services decreased $0.7 billion to $184.3 billion in November.
* Average imports of goods and services decreased $2.8 billion to $227.4 billion in November.

Year-over-year, the average goods and services deficit increased $1.2 billion from the three
months ending in November 2014.
* Average exports of goods and services decreased $12.1 billion from November 2014.
* Average imports of goods and services decreased $10.9 billion from November 2014.

Exports (Exhibits 3, 6, and 7)

Exports of goods decreased $1.4 billion to $122.2 billion in November.
Exports of goods on a Census basis decreased $1.9 billion.
* Other goods decreased $0.7 billion.
* Industrial supplies and materials decreased $0.7 billion.
o Nonmonetary gold decreased $0.5 billion.
* Consumer goods decreased $0.6 billion.
o Cell phones and other household goods decreased $0.3 billion.
Net balance of payments adjustments increased $0.5 billion.

Exports of services decreased $0.1 billion to $60.0 billion in November.
* Transport, which includes freight and port services and passenger fares, decreased $0.1
billion.
* Government goods and services decreased $0.1 billion.
* Other business services, which includes research and development services; professional
and management services; and technical, trade-related, and other services, increased $0.1
billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $3.7 billion to $183.5 billion in November.
Imports of goods on a Census basis decreased $3.5 billion.
* Consumer goods decreased $3.0 billion.
o Cell phones and other household goods decreased $1.8 billion.
o Pharmaceutical preparations decreased $0.6 billion.
* Capital goods decreased $0.6 billion.
o Computers decreased $0.3 billion.
Net balance of payments adjustments decreased $0.2 billion.

Imports of services decreased $0.1 billion to $41.1 billion in November.
* Travel (for all purposes including education) decreased $0.1 billion.

Real Goods in 2009 Dollars – Census Basis (Exhibit 11)

The real goods deficit decreased $1.4 billion to $59.6 billion in November.
* Real exports of goods decreased $1.3 billion to $118.2 billion.
* Real imports of goods decreased $2.8 billion to $177.8 billion.

Revisions

Revisions to October exports
* Exports of goods were revised downward $0.2 billion.
* Exports of services were revised downward $0.1 billion.

Revisions to October imports
* Imports of goods were revised upward $0.4 billion.
* Imports of services were revised upward 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
($2.7), OPEC ($1.1), Saudi Arabia ($0.4), United Kingdom ($0.3), and Brazil ($0.1).  Deficits
were recorded, in billions of dollars, with China ($30.2), European Union ($12.8), Japan ($5.6),
Germany ($5.5), Mexico ($5.4), Italy ($2.4), South Korea ($2.3), India ($2.1), France ($2.1),
and Canada ($0.9).

* The deficit with Mexico decreased $0.9 billion to $5.4 billion in November. Exports
decreased $0.9 billion to $18.8 billion and imports decreased $1.8 billion to $24.2 billion.
* The surplus with members of OPEC increased $0.7 billion to $1.1 billion in November. Exports
increased $1.3 billion to $6.5 billion and imports increased $0.6 billion to $5.4 billion.

NOTES:

* 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 scheduled release dates through
December 2016, see the information section on page A-1 of this release. The next release is
February 5, 2016.

* For definitions of goods on a balance of payments basis, goods on a Census basis, and net
balance of payments adjustments, see the information section on page A-1 of this release.

NOTICE

With the release of the “U.S. International Trade in Goods and Services: January 2016” report
(FT-900) and the accompanying FT-900 Supplement on March 4, 2016, the following changes will be
made:

Changes to Exhibits 7, 8, and 17a of the FT-900

Commodity detail will be presented for the end-use category Automotive vehicles, parts, and
engines in Exhibits 7 and 8.

The following countries will be removed from Exhibit 17a because of consistently low crude oil
imports: Bolivia, Congo (Kinshasa), Ghana, Guatemala, Kazakhstan, Oman, Peru, Thailand, Trinidad
and Tobago, Vietnam, and Yemen.

Examples of modified Exhibits 7, 8, and 17a are available at
www.census.gov/foreign-trade/statistics/notices/20151204_ft900.html.

Change to OPEC

OPEC will include Indonesia, which rejoined on January 1, 2016. This change will affect Exhibits
14, 17a, and 19 of the FT-900 and Exhibit 4 of the FT-900 Supplement. This change will also
affect Exhibits 20, 20a, and 20b of the FT-900 with the April 2016 release on June 3, 2016.

If you have questions or need additional information, please contact the U.S. Census Bureau,
Economic Indicators Division, on (800) 549-0595, option 4, or at eid.international.trade.data@census.gov.

To learn more about the FT-900 and other economic indicators the Census Bureau publishes, join
the Economic Indicators Division for the “Investigating Economic Indicators” Webinar series. For
more information, visit www.census.gov/econ/webinar.