by Calculated Risk on 1/07/2020 08:42:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $43.1 billion in November, down $3.9 billion from $46.9 billion in October, revised.

November exports were $208.6 billion, $1.4 billion more than October exports. November imports were $251.7 billion, $2.5 billion less than October imports.

Click on graph for larger image.

Exports increased and imports decreased in November.

Exports are 26% above the pre-recession peak and unchanged compared to November 2018; imports are 8% above the pre-recession peak, and down 4% compared to November 2018.

In general, trade both imports and exports have moved more sideways or down recently.

The second graph shows the U.S. trade deficit, with and without petroleum.

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.

Note that the U.S. exported a slight net positive petroleum products in September, October and November.

Oil imports averaged $51.92 per barrel in November, down from $52.00 in October, and down from $57.54 in November 2018.

The trade deficit with China decreased to $26.4 billion in November, from $37.9 billion in November 2018.