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Thursday, January 05, 2023

Trade Deficit decreased to $61.5 Billion in November

by Calculated Risk on 1/05/2023 08:52:00 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 $61.5 billion in November, down $16.3 billion from $77.8 billion in October, revised.

November exports were $251.9 billion, $5.1 billion less than October exports. November imports were $313.4 billion, $21.5 billion less than October imports
emphasis added
U.S. Trade Exports Imports Click on graph for larger image.

Exports and imports decreased in November.

Exports are up 10% year-over-year; imports are up 2% year-over-year.

Both imports and exports decreased sharply due to COVID-19 and then bounced back.  Both have decreased recently.

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 net, exports of petroleum products are slightly positive.

The trade deficit with China decreased to $21.3 billion in November, from $32.5 billion a year ago.

The trade deficit was much smaller than the consensus forecast.