U.S. Foreign Trade Deficit Narrowed in November

The U.S. international trade deficit narrowed slightly in November to $42.4 billion, down $2.2 billion from October. The narrowing of the trade balance was driven by a decline in imports, which fell $3.8 billion to $224.6 billion. Exports added to the deficit, declining by $1.6 billion to $182.2 billion.

The goods deficit decreased $2.3 billion to $61.3 billion, while the services surplus decreased $0.1 billion to $18.9 billion. The petroleum deficit rose $0.9 billion to $5.4 billion.

Exports of goods decreased $1.4 billion to $122.2 billion in November, driven by decreases in demand for industrial supplies and consumer goods. Demand for cell phones and other household goods decreased by $0.3 billion. Exports of services decreased $0.1 billion to $60.0 billion, largely due to a decline in freight and port services, and passenger fares. Exports of government goods and services also decreased.

Imports of goods fell $3.7 billion to $183.5 billion, as imports of consumer goods fell by $3.0 billion. Imports of services fell by $0.1 billion to $41.1 billion, due to a decrease in travel services.

Read the Census/BEA release.