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The Goods and Services Deficit Decreased to $49.3 billion in November 2018

Wed Feb 06 2019

Rachel Butler

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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $49.3 billion in November, down $6.4 billion from $55.7 billion in October, revised.

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November exports were $209.9 billion, $1.3 billion less than October exports. November imports were $259.2 billion, $7.7 billion less than October imports.

The November decrease in the goods and services deficit reflected a decrease in the goods deficit of $6.7 billion to $71.6 billion and a decrease in the services surplus of $0.3 billion to $22.3 billion.

Year-to-date, the goods and services deficit increased $51.9 billion, or 10.4 percent, from the same period in 2017. Exports increased $157.1 billion or 7.3 percent. Imports increased $208.9 billion or 7.9 percent.

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Exports (Exhibits 3, 6, and 7)

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Exports of goods decreased $1.2 billion to $140.3 billion in November.

Exports of goods on a Census basis decreased $1.2 billion.

  • Industrial supplies and materials decreased $1.4 billion.
    • Other petroleum products decreased $0.6 billion.
    • Nonmonetary gold decreased $0.5 billion.
  • Consumer goods decreased $0.9 billion.
    • Gem diamonds decreased $0.5 billion.
    • Pharmaceutical preparations decreased $0.4 billion.
  • Capital goods increased $1.4 billion.
    • Civilian aircraft increased $1.0 billion.

Exports of services decreased $0.1 billion to $69.5 billion in November.

  • Financial services decreased $0.1 billion.

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Imports (Exhibits 4, 6, and 8)

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Imports of goods decreased $7.9 billion to $211.9 billion in November.

Imports of goods on a Census basis decreased $7.9 billion.

  • Consumer goods decreased $4.3 billion.
    • Cell phones and other household goods decreased $2.3 billion.
    • Artwork, antiques, stamps, and other collectibles decreased $0.4 billion.
  • Industrial supplies and materials decreased $3.4 billion.
    • Other petroleum products decreased $1.4 billion.
    • Fuel oil decreased $0.8 billion.
    • Crude oil decreased $0.7 billion.

Imports of services increased $0.2 billion to $47.3 billion in November.

  • Travel (for all purposes including education) increased $0.3 billion.
  • Insurance services decreased $0.1 billion.

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Goods by Selected Countries and Areas: Census Basis (Exhibit 19)

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The November figures show surpluses, in billions of dollars, with South and Central America ($4.8), Hong Kong ($2.6), United Kingdom ($0.9), Singapore ($0.8), and Brazil ($0.7). Deficits were recorded, in billions of dollars, with China ($35.4), European Union ($13.8), Mexico ($6.8), Japan ($5.7), Germany ($5.6), Italy ($2.7), South Korea ($1.9), India ($1.7), Taiwan ($1.6), Saudi Arabia ($1.5), France ($1.3), OPEC ($1.2), and Canada ($0.8).

  • The deficit with China decreased $2.8 billion to $35.4 billion in November. Exports decreased $0.1 billion to $7.4 billion and imports decreased $2.9 billion to $42.8 billion.
  • The deficit with Canada decreased $1.3 billion to $0.8 billion in November. Exports decreased $0.4 billion to $24.5 billion and imports decreased $1.7 billion to $25.3 billion.
  • The deficit with Taiwan increased $0.4 billion to $1.6 billion in November. Exports decreased $0.3 billion to $2.5 billion and imports increased $0.1 billion to $4.1 billion.

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