by Calculated Risk on 1/07/2014 08:44:00 AM
Tuesday, January 07, 2014
Trade Deficit decreased in November to $34.3 Billion
The Department of Commerce reported this morning:
[T]otal November exports of $194.9 billion and imports of $229.1 billion resulted in a goods and services deficit of $34.3 billion, down from $39.3 billion in October, revised. November exports were $1.7 billion more than October exports of $193.1 billion. November imports were $3.4 billion less than October imports of $232.5 billion.The trade deficit was less than the consensus forecast of $39.9 billion.
The first graph shows the monthly U.S. exports and imports in dollars through November 2013.
![U.S. Trade Exports Imports](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi60v-nktIBpLhf-uUdfyCjNhB9GjKW-dYwdrT6Y2gM3N1LtAIMiNd5V8DKPgCNzTHGiEa2GIs__6g-MdWZvWStf3vZ_Ny9Htl16sioowMgD48cVTqAdDO3EnkuNjxdaiXSgm5X/s320/TradeNov2013.jpg)
Imports decreased, and exports increased in November.
Exports are 17% above the pre-recession peak and up 5% compared to November 2012; imports are just below the pre-recession peak, and down about 1% compared to November 2012.
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/AVvXsEghzkrJFTkLE8gnWNnNH4zThV60a09FTX0EUzCZF2YFARqtemLVxii7X-zr-X74q1h_6b9L3n4YgPqEfdOgPaCZy7HOxjR1IgWARM2FKyDYqkqbWojqpjULX1SVS61xUrEFhZeu/s320/TradeDeficitNov2013.jpg)
Oil averaged $94.69 in November, down from $99.96 in October, and down from $97.45 in November 2012. The petroleum deficit has generally been declining and is the major reason the overall deficit has declined since early 2012.
The trade deficit with China decreased to $26.9 billion in November, down from $28.9 billion in November 2012. A majority of the trade deficit is related to China.
Overall it appears exports are picking up a little again.