The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, advised that the goods and services deficit for November 2017 was $50.5 billion compared to $48.9 billion, up $1.6 billion. November exports increased 4.4 billion to totaled $200.2 billion, while imports totaled $250.7 billion, $6.0 billion above October 2017 imports.
Exports of goods amounted to $136.6 billion in November due t o a $4.4 billion increase. Impacting the movement in goods exported was a $2.5 billion increase in ‘capital goods, while ‘automotive vehicles, parts, engines’ and ‘consumer goods’ grew $1.0 billion and $0.7 billion respectively. Exports of services increased $0.1 billion to $65.7 billion due to an increased in ‘financial services’ and ‘other business services’. ‘Maintenance and repair services declined $0.1 billion during the month.
Imported goods rose $6.0 billion in November 2017 to $205.5 billion, due to a $2.4 billion increase in ‘consumer goods’ imported. ‘Industrial supplies and materials’ and ‘capital goods’ both increased $2.2 billion and $1.6 billion respectively. Import of services slid less than $0.1 billion to $45.3 billion in November, due to a decrease in ‘transport’ of $0.2 billion. ‘Travel (for all purposes including education)’ and ‘Charges for the use of intellectual property’ increased during the month.
The increase in the goods and services deficit for November 2017 was traced to an increase in the goods deficit of $1.7 billion to $709 billion and an increase in the services surplus of $0.1 billion to $20.4 billion. According to the Bureau, “Year-to-date, the goods and services deficit increased $53.4 billion, or 11.6%, from the same period in 2016. Exports increased $112.7 billion or 5.6 percent. Imports increased $166.1 billion or 6.7%.”
Notably, the deficit with China increased $1.5 billion to $33.5 billion in November. Exports increased $0.2 billion to $10.8 billion and imports increased $1.8 billion to $44.2 billion. The deficit with the European Union increased $1.5 billion to $13.5 billion in November. Exports decreased $1.0 billion to $24.0 billion and imports increased $0.5 billion to $37.5 billion.
Goods and Services Three-Month Moving Averages
According to the U.S. Bureau of Economic Analysis, “the average goods and services deficit increased $2.1 billion to $48.1 billion for the three months ending in November. Average exports of goods and services increased $2.2 billion to $197.3 billion in November. Average imports of goods and services increased $4.2 billion to $245.4 billion in November. Year-over-year, the average goods and services deficit increased $5.5 billion from the three months ending in November 2016. Average exports of goods and services increased $11.1 billion from November 2016. Average imports of goods and services increased $16.6 billion from November 2016.”
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