Goods and Services

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total November exports of $177.8 billion and imports of $225.6 billion resulted in a goods and services deficit of $47.8 billion, up from $43.3 billion in October, revised.  November exports were $1.5 billion less than October exports of $179.4 billion.  November imports were $2.9 billion more than October imports of $222.6 billion.

In November, the goods deficit increased $4.6 billion from October to $63.2 billion, and the services surplus increased $0.1 billion from October to $15.4 billion.  Exports of goods decreased $1.5 billion to $126.6 billion, and imports of goods increased $3.1 billion to $189.7 billion.  Exports of services were virtually unchanged at $51.3 billion, and imports of services decreased $0.2 billion to $35.9 billion.

The goods and services deficit increased $8.9 billion from November 2010 to November 2011. Exports were up $16.6 billion, or 10.3 percent, and imports were up $25.5 billion, or 12.7 percent.

Goods (Census Basis)

The October to November decrease in exports of goods reflected decreases in industrial supplies and materials ($1.6 billion); capital goods ($0.2 billion); other goods ($0.2 billion); automotive vehicles, parts, and engines ($0.2 billion); and foods, feeds, and beverages ($0.1 billion). An increase occurred in consumer goods ($0.8 billion).

The October to November increase in imports of goods reflected increases in industrial supplies and materials ($2.7 billion); automotive vehicles, parts, and engines ($0.8 billion); other goods ($0.6 billion); and capital goods ($0.1 billion). Decreases occurred in consumer goods ($0.7 billion) and foods, feeds, and beverages ($0.1 billion).

The November 2010 to November 2011 increase in exports of goods reflected increases in industrial supplies and materials ($6.3 billion); capital goods ($3.5 billion); automotive vehicles, parts, and engines ($1.6 billion); consumer goods ($0.7 billion); and other goods ($0.3 billion). A decrease occurred in foods, feeds, and beverages ($0.1 billion).

The November 2010 to November 2011 increase in imports of goods reflected increases in industrial supplies and materials ($13.1 billion); capital goods ($3.5 billion); automotive vehicles, parts, and engines ($2.9 billion); consumer goods ($1.7 billion); foods, feeds, and beverages ($1.4 billion); and other goods ($0.6 billion).

Services

Exports of services were virtually unchanged from October to November.  Decreases in travel and passenger fares were mostly offset by increases in royalties and license fees and other private services (which includes items such as business, professional, and technical services, insurance services, and financial services).  Changes in the

other categories of services exports were small.

Imports of services decreased $0.2 billion from October to November.  The decrease was more than accounted for by decreases in travel and other transportation (which includes freight and port services).  Changes in the other categories of services imports were small.

The November 2010 to November 2011 increase in exports of services was $3.8 billion. The largest increases were in royalties and license fees ($1.5 billion), other private services ($0.9 billion), and travel ($0.7 billion).  Within other private services, the largest increase was in business, professional, and technical services.

The November 2010 to November 2011 increase in imports of services was $2.1 billion. The largest increases were in other private services ($1.1 billion), other transportation ($0.3 billion), and royalties and license fees ($0.3 billion).  Within other private services, the largest increase was in business, professional, and technical services.

Goods and Services Moving Average

For the three months ending in November, exports of goods and services averaged $179.3 billion, while imports of goods and services averaged $224.3 billion, resulting in an average trade deficit of $45.1 billion.  For the three months ending in October, the average trade deficit was $44.3 billion, reflecting average exports of $179.3 billion and average imports of $223.6 billion.

Selected Not Seasonally Adjusted Goods Details

The November figures show surpluses, in billions of dollars, with Hong Kong $3.2 ($3.0 for October), Australia $1.5 ($2.1), Singapore $1.0 ($1.0), and Egypt $0.1 ($0.2).  Deficits were recorded, in billions of dollars, with China $26.9 ($28.1), European Union $9.7 ($8.0), OPEC $9.1 ($8.3), Japan $6.2 ($6.2), Mexico $5.5 ($5.3), Germany $4.7 ($4.3), Canada $3.0 ($2.2), Ireland $2.8 ($2.8), Nigeria $2.3 ($1.9), Venezuela $1.9 ($2.3), Taiwan $1.4 ($1.7), and Korea $1.3 ($1.4).

Advanced technology products exports were $24.9 billion in November and imports were $35.7 billion, resulting in a deficit of $10.7 billion.  November exports were $0.5 billion less than the $25.5 billion in October, while November imports were $0.2 billion less than the $35.9 billion in October.

Revisions

Census Basis (not seasonally adjusted)

For October, exports of goods were revised up $0.3 billion and imports of goods were revised up $0.1 billion. Goods carry-over in November was $0.3 billion (0.3 percent) for exports and $1.6 billion (0.9 percent) for imports.  For October, revised export carry-over was virtually zero. For October, revised import carry-over was $0.2 billion (0.1 percent).

Balance of Payments Basis (seasonally adjusted)

For October, exports of goods were revised up $0.3 billion and imports of goods were revised up $0.1 billion. For October, exports of services were revised down $0.1 billion; the revision was more that accounted for by downward revisions in passenger fares and travel.  For October, imports of services were revised down $0.1 billion, mostly reflecting a downward revision in travel.