The Goods and Services Deficit Increased to $50.5 Billion in November 2017

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $50.5 billion in November, up $1.6 billion from $48.9 billion in October, revised. November exports were $200.2 billion, $4.4 billion more than October exports. November imports were $250.7 billion, $6.0 billion more than October imports.

The November increase in the goods and services deficit reflected an increase in the goods deficit of $1.7 billion to $70.9 billion and an increase in the services surplus of $0.1 billion to $20.4 billion.

Exports (Exhibits 3, 6, and 7)

Exports of goods increased $4.4 billion to $134.6 billion in November.

Exports of goods on a Census basis increased $4.3 billion.

• Capital goods increased $2.5 billion.
  • Civilian aircraft increased $1.2 billion.
• Automotive vehicles, parts, and engines increased $1.0 billion.
  • Passenger cars increased $0.6 billion.
• Consumer goods increased $0.7 billion.

Exports of services increased $0.1 billion to $65.7 billion in November.

• Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.
• Financial services increased $0.1 billion.
• Maintenance and repair services decreased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods increased $6.0 billion to $205.5 billion in November.

Imports of goods on a Census basis increased $6.0 billion.

• Consumer goods increased $2.4 billion.
  • Cell phones and other household goods increased $1.1 billion.
• Industrial supplies and materials increased $2.2 billion.
  • Crude oil increased $1.1 billion.
• Capital goods increased $1.6 billion.
  • Semiconductors increased $0.8 billion.

Imports of services decreased less than $0.1 billion to $45.3 billion in November.

• Transport decreased $0.2 billion.
• Travel (for all purposes including education) increased $0.1 billion.
• Charges for the use of intellectual property increased $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (Exhibit 19)

The November figures show surpluses, in billions of dollars, with Hong Kong ($2.8), South and Central America ($2.6), Singapore ($1.0), United Kingdom ($0.4), and Brazil ($0.3). Deficits were recorded, in billions of dollars, with China ($33.5), European Union ($13.5), Mexico ($5.8), Japan ($5.8), Germany ($5.3), Italy ($2.8), India ($2.4), South Korea ($1.7), OPEC ($1.3), France ($1.3), Canada ($1.1), Taiwan ($0.9), and Saudi Arabia ($0.2).

• 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.
• The deficit with South Korea decreased $1.0 billion to $1.7 billion in November. Exports increased $0.3 billion to $4.0 billion and imports decreased $0.7 billion to $5.7 billion.

NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.