Goods and Services

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total November exports of $124.8 billion and imports of $183.0 billion resulted in a goods and services deficit of $58.2 billion, $0.6 billion less than the $58.8 billion in October, revised. November exports were $1.1 billion more than October exports of $123.7 billion. November imports were $0.5 billion more than October imports of $182.5 billion.

In November, the goods deficit decreased $0.3 billion from October to $64.7 billion, and the services surplus increased $0.2 billion to $6.5 billion. Exports of goods increased $0.6 billion to $89.1 billion, and imports of goods increased $0.3 billion to $153.8 billion. Exports of services increased $0.5 billion to $35.7 billion, and imports of services increased $0.3 billion to $29.2 billion.In November, the goods and services deficit was down $5.8 billion from November 2005. Exports were up $14.8 billion, or 13.4 percent, and imports were up $9.0 billion, or 5.2 percent.

Goods

The October to November change in exports of goods reflected increases in capital goods ($0.7 billion); automotive vehicles, parts, and engines ($0.3 billion); other goods ($0.2 billion); and consumer goods ($0.2 billion). Decreases occurred in industrial supplies and materials ($0.3 billion) and foods, feeds, and beverages ($0.2 billion). The October to November change in imports of goods reflected increases in consumer goods ($0.9 billion); capital goods ($0.3 billion); and automotive vehicles, parts, and engines ($0.3 billion). Decreases occurred in industrial supplies and materials ($1.0 billion); foods, feeds, and beverages ($0.1 billion); and other goods ($0.1 billion).

The November 2005 to November 2006 change in exports of goods reflected increases in industrial supplies and materials ($4.4 billion); capital goods ($4.2 billion); consumer goods ($1.4 billion); other goods ($1.2 billion); foods, feeds, and beverages ($0.7 billion); and automotive vehicles, parts, and engines ($0.4 billion). The November 2005 to November 2006 change in imports of goods reflected increases in consumer goods ($5.1 billion); capital goods ($3.5 billion); foods, feeds, and beverages ($0.5 billion); other goods ($0.4 billion); and automotive vehicles, parts, and engines ($0.3 billion). A decrease occurred in industrial supplies and materials ($3.2 billion).

Services

Services exports increased $0.5 billion from October to November. The increase was mostly accounted for by increases in travel, other private services (which includes items such as business, professional, and technical services, insurance services, and financial services), and transfers under U.S. military sales contracts. Changes in other categories of services exports were small. Services imports increased $0.3 billion from October to November.

The increase was accounted for by increases in travel, other private services, and passenger fares, which were partly offset by a decrease in other transportation (which includes freight and port services). Changes in other categories of services imports were small. From November 2005 to November 2006, services exports increased $3.2 billion. The largest increases were in other private services ($1.7 billion) and travel ($0.8 billion). From November 2005 to November 2006, services imports increased $2.4 billion. The largest increases were in other private services ($1.5 billion) and travel ($0.7 billion).

Goods and Services Moving Average

For the three months ending in November, exports of goods and services averaged $123.9 billion, while imports of goods and services averaged $184.4 billion, resulting in an average trade deficit of $60.4 billion. For the three months ending in October, the average trade deficit was $63.9 billion, reflecting average exports of $123.3 billion and average imports of $187.1 billion.

Selected Not Seasonally Adjusted Goods Details

The November figures showed surpluses, in billions of dollars, with Singapore $1.0 ($0.3 for October), Hong Kong $0.9 ($0.7), Australia $0.8 ($1.0), Egypt $0.2 ($0.3), and Argentina $0.1 ($0.1). Deficits were recorded, in billions of dollars, with China $22.9 ($24.4), Europe $10.7 ($11.4), the European Union $9.5 ($9.5), Japan $7.9 ($8.3), OPEC $6.8 ($7.5), Mexico $5.4 ($5.2), Canada $5.4 ($5.5), Korea $1.2 ($1.4), Taiwan $1.1 ($1.3), and Brazil $0.4 ($0.6). Advanced technology products (ATP) exports were $22.8 billion in November and imports were $27.2 billion, resulting in a deficit of $4.5 billion. November exports were $0.5 billion more than the $22.3 billion in October, while imports were $0.1 billion more than the $27.1 billion in October.

Revisions

Goods carry-over in November was $0.3 billion (0.3 percent) for exports and $1.0 billion (0.7%) for imports. For October, revised export carry-over was virtually zero, revised down from $0.2 billion (0.2%). For October, revised import carry-over was $0.2 billion (0.2 percent), revised down from $1.1 billion (0.7%).Services exports for October were virtually unchanged at $35.2 billion. Services imports for October were virtually unchanged at $28.9 billion.


Available at:

http://www.census.gov/foreign-trade/Press-Release/current_press_release/ft900.pdf