January 07, 2020

Goods and Services Trade Deficit

The U.S. Bureau of Economic Analysis indicated that, “the goods and services deficit was $43.1 billion in November, down $3.9 billion from $46.9 billion in October.”

November exports ($208.6 billion), were more than October exports by $1.4 billion, whereas, November imports amounted to $251.7 billion which was $2.5 billion less than October imports.

For the period under review compared with that of 2018, there was a 0.7% or $3.9 billion decrease in the goods and services deficit. Moreover, exports fell $0.1 billion or less than 0.1%. Imports also fell $3.9 billion or 0.1%.

Three-Month Moving Averages

For the three months ended in November, the average goods and services deficit fell $3.5 billion to $47.0 billion. This was due to a $0.2 billion decline in average exports $207.8 billion in November and a $3.7 billion decrease in average imports to $254.9 billion in November.

In relation to export of goods, these consists of capital goods, consumer goods , automotive vehicles parts, and engines  which all increased by $0.6 billion, $0.5 billion and $0.4 billion, respectively. While, Other goods decreased by $0.5 billion. Additionally, export of services rose by $0.4 billion.

As for imports of goods; capital goods, consumer goods, other goods and industrial supplies and materials, all fell $1.2 billion, $1.0 billion, $0.8 billion and $0.6 billion repectively, whereas, automotive vehicles, parts, and engines climbed $1.1 billion. However, imports of services increased by $0.4 billion.

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