by Bill McBride on 1/13/2012 08:48:00 AM
Friday, January 13, 2012
The Department of Commerce reports:
[T]otal November exports of $177.8 billion and imports of $225.6 billion resulted in a goods and services deficit of $47.8 billion, up from $43.3 billion in October, revised. November exports were $1.5 billion less than October exports of $179.4 billion. November imports were $2.9 billion more than October imports of $222.6 billion.The trade deficit was above the consensus forecast of $45.0 billion.
The first graph shows the monthly U.S. exports and imports in dollars through November 2011.
Click on graph for larger image.
Exports decreased and imports increased in November. Imports had been mostly moving sideways for the past six months (seasonally adjusted). Exports are well above the pre-recession peak and up 10% compared to November 2010; imports are up about 13% compared to November 2010.
The second graph shows the U.S. trade deficit, with and without petroleum, through November.
The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.
Oil averaged $102.50 per barrel in November. The trade deficit with China declined slightly to $27 billion.
Exports to eurozone countries declined 6.9% in November. And the trade deficit with the European Union widened to $9.7 billion from $7.2 billion in November 2010.
Posted by Bill McBride on 1/13/2012 08:48:00 AM