by Calculated Risk on 1/05/2023 08:52:00 AM
Thursday, January 05, 2023
Trade Deficit decreased to $61.5 Billion in November
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
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.
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.