U.S. Trade Deficit Rises
America’s trade deficit with the rest of the world increased toward the end of last year, according to new figures from the government
The goods and services deficit was $68.1 billion in November, up $5.0 billion from $63.1 billion in October, The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced.
Exports, Imports, and Balance
November exports were $184.2 billion, $2.2 billion more than October exports. November imports were $252.3 billion, $7.2 billion more than October imports.
The November increase in the goods and services deficit reflected an increase in the goods deficit of $5.0 billion to $86.4 billion and a decrease in the services surplus of less than $0.1 billion to $18.2 billion.
Year-to-date, the goods and services deficit increased $73.6 billion, or 13.9 percent, from the same period in 2019. Exports decreased $372.3 billion or 16.1 percent. Imports decreased $298.7 billion or 10.5 percent.
Three-Month Moving Averages
The average goods and services deficit increased $1.1 billion to $64.4 billion for the three months ending in November.
The November figures show surpluses, in billions of dollars, with South and Central America ($3.0), Hong Kong ($1.8), OPEC ($1.2), Brazil ($1.2), United Kingdom ($1.1), Saudi Arabia ($0.2), and Singapore ($0.2). Deficits were recorded, in billions of dollars, with China ($30.0), European Union ($16.7), Mexico ($11.3), Japan ($6.6), Germany ($4.9), Italy ($3.5), Taiwan ($3.0), South Korea ($2.9), India ($2.4), Canada ($1.7), and France ($1.7).
The deficit with China increased $3.5 billion to $30.0 billion in November. Exports decreased $0.5 billion to $12.6 billion and imports increased $3.0 billion to $42.6 billion.
The deficit with the European Union increased $1.0 billion to $16.7 billion in November. Exports increased $0.9 billion to $20.4 billion and imports increased $2.0 billion to $37.1 billion.
The surplus with South and Central America increased $0.8 billion to $3.0 billion in November. Exports increased $0.2 billion to $11.0 billion and imports decreased $0.6 billion to $8.0 billion.
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