News Release
U.S. International Trade in Goods and Services, November 2023
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $63.2 billion in November, down $1.3 billion from $64.5 billion in October, revised.
Deficit: |
$63.2 Billion |
–2.0%° |
Exports: |
$253.7 Billion |
–1.9%° |
Imports: |
$316.9 Billion |
–1.9%° |
Next release: Wednesday, February 7, 2024 (°)Statistical significance is not applicable or not measurable. Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; |
Exports, Imports, and Balance (exhibit 1)
November exports were $253.7 billion, $4.8 billion less than October exports. November imports were $316.9 billion, $6.1 billion less than October imports.
The November decrease in the goods and services deficit reflected a decrease in the goods deficit of $0.6 billion to $89.4 billion and an increase in the services surplus of $0.7 billion to $26.2 billion.
Year-to-date, the goods and services deficit decreased $161.8 billion, or 18.4 percent, from the same period in 2022. Exports increased $28.8 billion or 1.0 percent. Imports decreased $133.0 billion or 3.6 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $1.5 billion to $62.9 billion for the three months ending in November.
- Average exports decreased $0.6 billion to $257.9 billion in November.
- Average imports increased $0.9 billion to $320.9 billion in November.
Year-over-year, the average goods and services deficit decreased $8.3 billion from the three months ending in November 2022.
- Average exports increased $1.9 billion from November 2022.
- Average imports decreased $6.5 billion from November 2022.
Exports (exhibits 3, 6, and 7)
Exports of goods decreased $5.4 billion to $168.0 billion in November.
Exports of goods on a Census basis decreased $5.6 billion.
- Industrial supplies and materials decreased $3.6 billion.
- Nonmonetary gold decreased $1.9 billion.
- Crude oil decreased $1.0 billion.
- Organic chemicals decreased $0.7 billion.
- Automotive vehicles, parts, and engines decreased $0.8 billion.
- Other automotive parts and accessories decreased $0.4 billion.
- Trucks, buses, and special purpose vehicles decreased $0.3 billion.
- Consumer goods decreased $0.5 billion.
- Artwork and other collectibles decreased $0.5 billion.
Net balance of payments adjustments increased $0.1 billion.
Exports of services increased $0.6 billion to $85.7 billion in November.
- Travel increased $0.2 billion.
- Other business services increased $0.1 billion.
- Transport increased $0.1 billion.
- Government goods and services increased $0.1 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods decreased $6.0 billion to $257.4 billion in November.
Imports of goods on a Census basis decreased $5.9 billion.
- Consumer goods decreased $4.1 billion.
- Cell phones and other household goods decreased $1.9 billion.
- Pharmaceutical preparations decreased $1.4 billion.
- Industrial supplies and materials decreased $0.8 billion.
- Other petroleum products decreased $0.5 billion.
- Organic chemicals decreased $0.4 billion.
- Crude oil increased $1.5 billion.
- Capital goods decreased $0.7 billion.
- Drilling and oilfield equipment decreased $0.7 billion.
Net balance of payments adjustments decreased $0.1 billion.
Imports of services decreased $0.1 billion to $59.6 billion in November.
- Transport decreased $0.5 billion.
- Travel increased $0.3 billion.
Real Goods in 2017 Dollars – Census Basis (exhibit 11)
The real goods deficit decreased $2.3 billion, or 2.7 percent, to $84.8 billion in November, compared to a 0.4 percent decrease in the nominal deficit.
- Real exports of goods decreased $3.3 billion, or 2.3 percent, to $140.6 billion, compared to a 3.2 percent decrease in nominal exports.
- Real imports of goods decreased $5.7 billion, or 2.4 percent, to $225.5 billion, compared to a 2.3 percent decrease in nominal imports.
Revisions
Revisions to October exports
- Exports of goods were revised down $0.1 billion.
- Exports of services were revised down $0.1 billion.
Revisions to October imports
- Imports of goods were revised up $0.1 billion.
- Imports of services were revised down $0.1 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The November figures show surpluses, in billions of dollars, with South and Central America ($4.1), Netherlands ($3.0), Hong Kong ($1.8), Australia ($1.4), United Kingdom ($0.6), Singapore ($0.4), Belgium ($0.2), and Brazil (less than $0.1). Deficits were recorded, in billions of dollars, with China ($21.5), European Union ($15.6), Mexico ($13.8), Vietnam ($9.7), Canada ($7.8), Japan ($7.1), Germany ($5.6), Taiwan ($4.6), Ireland ($4.4), India ($4.0), Italy ($3.6), South Korea ($3.5), Switzerland ($2.3), Malaysia ($1.7), France ($0.6), Israel ($0.4), and Saudi Arabia ($0.1).
- The deficit with the European Union decreased $3.5 billion to $15.6 billion in November. Exports increased $1.3 billion to $30.7 billion and imports decreased $2.3 billion to $46.4 billion.
- The deficit with China decreased $2.4 billion to $21.5 billion in November. Exports decreased $1.8 billion to $11.9 billion and imports decreased $4.2 billion to $33.4 billion.
- The deficit with Switzerland increased $2.0 billion to $2.3 billion in November. Exports decreased $2.5 billion to $1.4 billion and imports decreased $0.5 billion to $3.7 billion.
All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.
Next release: February 7, 2024, at 8:30 a.m. EST
U.S. International Trade in Goods and Services, December and Annual 2023