Thursday, January 07, 2021

Trade Deficit Increased to $68.1 Billion in November

by Calculated Risk on 1/07/2021 08:54:00 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 $68.1 billion in November, up $5.0 billion from $63.1 billion in October, revised.

November exports were $184.2 billion, $2.2 billion more than October exports. November imports were $252.3 billion, $7.2 billion more than October imports.
emphasis added
U.S. Trade Exports Imports Click on graph for larger image.

Both exports and imports increased in November.

Exports are down 12.5% compared to November 2019; imports are unchanged compared to November 2019.

Both imports and exports decreased sharply due to COVID-19, and have now bounced back (imports much more than exports),

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

U.S. Trade Deficit 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 recent months.

Oil imports averaged $35.68 per barrel in November, down from $36.23 per barrel in October, and down from $51.91 in November 2019.

The trade deficit with China increased to $30.7 billion in November, from $26.3 billion in November 2019.