Wednesday, January 7, 2015

U.S. Foreign Trade Deficit Narrowed in November as Petro Imports Declined

The U.S. international trade deficit in goods and services decreased $3.2 billion to $39.0 billion in November, as a drop the price of petroleum led to a significant decrease in the cost of imports.

The goods deficit declined by $3.3 billion to $58.3 billion, the service surplus decreased $100 million to $19.3 billion, and the petroleum deficit narrowed $3.8 billion to $11.4 billion.

Exports decreased by $2.0 billion to $196.4 billion, primarily due to a $1.8 billion decline in goods exports driven by lower exports for civilian aircrafts and generators, transformers and accessories. Exports of services held near steady at $59.6 billion.

Imports decreased by $5.2 billion to $235.4 billion, primarily driven by a $5.2 billion decrease in goods imports to $195 billion. The drop was driven by a decline in imports of crude oil by $2.2 billion and fuel oil by $0.7 billion. Imports of services held nearly constant at $40.4 billion.

The deficit with China increased by $0.2 billion to $29.8 billion in November, as exports decreased by more than imports. The deficit with the European Union increased $1.5 billion to $12.7 billion, as exports decreased $0.7 billion and imports increased $0.8 billion.

Read the Census Bureau release.
Read full report.

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