Goods and Services Deficit $80.2 Billion in November

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the goods and services deficit was $80.2 billion in November, up $13.0 billion from $67.2 billion in October, revised.

Exports, Imports, and Balance (exhibit 1)

November exports were $224.2 billion, $0.4 billion more than October exports. November imports were $304.4 billion, $13.4 billion more than October imports.

The November increase in the goods and services deficit reflected an increase in the goods deficit of $15.1 billion to $99.0 billion and an increase in the services surplus of $2.1 billion to $18.8 billion.

Year-to-date, the goods and services deficit increased $174.6 billion, or 28.6%, from the same period in 2020. Exports increased $354.4 billion or 18.2%. Imports increased $529.0 billion or 20.7%.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $2.3 billion to $76.3 billion for the three months ending in November.

  • Average exports increased $3.7 billion to $218.3 billion in November.
  • Average imports increased $6.0 billion to $294.5 billion in November.

Year-over-year, the average goods and services deficit increased $11.7 billion from the three months ending in November 2020.

  • Average exports increased $36.3 billion from November 2020.
  • Average imports increased $48.0 billion from November 2020.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $2.9 billion to $155.9 billion in November.

   Exports of goods on a Census basis decreased $2.9 billion.

  • Capital goods decreased $1.2 billion.
    • Other industrial machines decreased $0.4 billion.
    • Telecommunications equipment decreased $0.3 billion.
    • Civilian aircraft engines decreased $0.2 billion.
  • Industrial supplies and materials decreased $0.9 billion.
    • Nonmonetary gold decreased $1.4 billion.
    • Crude oil increased $0.4 billion.

   Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $3.2 billion to $68.3 billion in November.

  • Travel increased $2.2 billion.
  • Transport increased $0.6 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $12.3 billion to $254.9 billion in November.

   Imports of goods on a Census basis increased $12.0 billion.

  • Industrial supplies and materials increased $5.9 billion.
    • Finished metal shapes increased $1.5 billion.
    • Crude oil increased $1.3 billion.
  • Consumer goods increased $3.0 billion.
    • Pharmaceutical preparations increased $0.8 billion.
    • Toys, games, and sporting goods increased $0.6 billion.
    • Other textile apparel and household goods increased $0.6 billion.
  • Automotive vehicles, parts, and engines increased $1.2 billion.
    • Passenger cars increased $0.9 billion.
    • Trucks, buses, and special purpose vehicles increased $0.6 billion.

   Net balance of payments adjustments increased $0.3 billion.

Imports of services increased $1.1 billion to $49.5 billion in November.

  • Transport increased $0.7 billion.
  • Travel increased $0.3 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $13.7 billion to $110.8 billion in November.

  • Real exports of goods decreased $3.8 billion to $148.6 billion.
  • Real imports of goods increased $9.9 billion to $259.4 billion.