January 11, 2021
The U.S. Bureau of Economic Analysis indicated that, “the goods and services deficit was $68.1 billion in November, up $5.0 billion from $63.1 billion in October, revised.”
November exports amounted to $184.2 billion, which was more than October exports by $2.2 billion, whereas, November imports amounted to $252.3 billion which was $7.2 billion more than October imports.
BEA also noted that, “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 compared with that of 2019, there was a 13.9% or $73.6 billion increase in the goods and services deficit. Moreover, exports fell $372.3 billion or 16.1%. Imports also fell $298.7 billion or 10.5%.
Three-Month Moving Averages
For the three months ended in November, the average goods and services deficit rose $1.1 billion to $64.4 billion. This was due to a $3.4 billion increase in average exports to $181.4 billion in November and a $4.5 billion increase in average imports to $245.9 billion in November.
Exports of goods rose $1.3 billion to $127.7 billion in November. These consists of foods, feeds, and beverages and industrial supplies and materials which increased by $0.5 billion and $0.8 billion, respectively. Additionally, export of services rose by $0.9 billion to $56.4 billion in November. Of the services exported, travel increased $0.5 billion and transport climbed $0.3 billion.
Imports of goods rose $6.3 billion to $214.1 billion in November. As for imports of goods; consumer goods, capital goods and industrial supplies and materials increased $4.0 billion, $1.2 billion and $1.5 billion, respectively. Whereas automotive vehicles, parts, and engines fell $1.0 billion. Besides, imports of services increased by $0.9 billion to $38.2 billion in November. Of this, transport increased $0.4 billion and travel rose $0.4 billion.
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