by Calculated Risk on 1/11/2013 08:51:00 AM
Friday, January 11, 2013
Trade Deficit increased in November to $48.7 Billion
The Department of Commerce reported:
[T]otal November exports of $182.6 billion and imports of $231.3 billion resulted in a goods and services deficit of $48.7 billion, up from $42.1 billion in October, revised. November exports were $1.7 billion more than October exports of $180.8 billion. November imports were $8.4 billion more than October imports of $222.9 billion.The trade deficit was much larger than the consensus forecast of $41.1 billion.
The first graph shows the monthly U.S. exports and imports in dollars through October 2012.
![U.S. Trade Exports Imports](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5rKCi1VUWoiyKJE-tMnY0nwA1UbMSP8xUPMpLiHNiT0JtabAwsInBmWIDomokhh73L8g2M1_7lyso4XpTVidj8nvziV3IhtNteAhNbueNM7A56RQy_2j_z7zMYJpUZ6pEsD9Q9A/s320/TradeNov2012.jpg)
Both exports and imports increased in November. US trade has slowed recently.
Exports are 10% above the pre-recession peak and up 3.3% compared to November 2011; imports are near the pre-recession peak, and up 2.5% compared to November 2011.
The second graph shows the U.S. trade deficit, with and without petroleum, through November.
![U.S. Trade Deficit](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaH3PVvxaHGkDM2EeQDhJYYaNRiSkSx4QnI_Ite28hea1S5yzMifwX4ukPWBmsdTSe8g7iUWjatvuZr8zaBwkouJkyTNZMr4XT8fkec4_ikyJG0DkL1r7xyi2rrmqZ7IJELvDQ5g/s320/TradeDeficitNov2012.jpg)
The increase in the trade deficit in November was due to non-petroleum products.
Oil averaged $97.45 in November, down from $99.75 per barrel in October. The trade deficit with China increased to $28.95 billion in November, up from $26.78 billion in November 2011. Most of the trade deficit is still due to oil and China.
The trade deficit with the euro area was $10.6 billion in November, up from $8.2 billion in November 2011. It appears the eurozone recession is still impacting trade.
Note: The trade deficit might have been skewed by the port strike that started in late November.