News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Tuesday, January 9, 2024
BEA 24-01
CB 24–04

U.S. International Trade in Goods and Services, November 2023

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $63.2 billion in November, down $1.3 billion from $64.5 billion in October, revised.

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES DEFICIT
Deficit:

$63.2 Billion

–2.0%°

Exports:

$253.7 Billion

–1.9%°

Imports:

$316.9 Billion

–1.9%°

Next release: Wednesday, February 7, 2024

(°)Statistical significance is not applicable or not measurable.
      Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis;
U.S. International Trade in Goods and Services, January 9, 2024

Goods and Services Trade Deficit: Seasonally adjusted

Exports, Imports, and Balance (exhibit 1)

November exports were $253.7 billion, $4.8 billion less than October exports. November imports were $316.9 billion, $6.1 billion less than October imports.

The November decrease in the goods and services deficit reflected a decrease in the goods deficit of $0.6 billion to $89.4 billion and an increase in the services surplus of $0.7 billion to $26.2 billion.

Year-to-date, the goods and services deficit decreased $161.8 billion, or 18.4 percent, from the same period in 2022. Exports increased $28.8 billion or 1.0 percent. Imports decreased $133.0 billion or 3.6 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $1.5 billion to $62.9 billion for the three months ending in November.

  • Average exports decreased $0.6 billion to $257.9 billion in November.
  • Average imports increased $0.9 billion to $320.9 billion in November.

Year-over-year, the average goods and services deficit decreased $8.3 billion from the three months ending in November 2022.

  • Average exports increased $1.9 billion from November 2022.
  • Average imports decreased $6.5 billion from November 2022.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $5.4 billion to $168.0 billion in November.

 Exports of goods on a Census basis decreased $5.6 billion.

  • Industrial supplies and materials decreased $3.6 billion.
    • Nonmonetary gold decreased $1.9 billion.
    • Crude oil decreased $1.0 billion.
    • Organic chemicals decreased $0.7 billion.
  • Automotive vehicles, parts, and engines decreased $0.8 billion.
    • Other automotive parts and accessories decreased $0.4 billion.
    • Trucks, buses, and special purpose vehicles decreased $0.3 billion.
  • Consumer goods decreased $0.5 billion.
    • Artwork and other collectibles decreased $0.5 billion.

 Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $0.6 billion to $85.7 billion in November.

  • Travel increased $0.2 billion.
  • Other business services increased $0.1 billion.
  • Transport increased $0.1 billion.
  • Government goods and services increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $6.0 billion to $257.4 billion in November.

 Imports of goods on a Census basis decreased $5.9 billion.

  • Consumer goods decreased $4.1 billion.
    • Cell phones and other household goods decreased $1.9 billion.
    • Pharmaceutical preparations decreased $1.4 billion.
  • Industrial supplies and materials decreased $0.8 billion.
    • Other petroleum products decreased $0.5 billion.
    • Organic chemicals decreased $0.4 billion.
    • Crude oil increased $1.5 billion.
  • Capital goods decreased $0.7 billion.
    • Drilling and oilfield equipment decreased $0.7 billion.

 Net balance of payments adjustments decreased $0.1 billion.

Imports of services decreased $0.1 billion to $59.6 billion in November.

  • Transport decreased $0.5 billion.
  • Travel increased $0.3 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit decreased $2.3 billion, or 2.7 percent, to $84.8 billion in November, compared to a 0.4 percent decrease in the nominal deficit.

  • Real exports of goods decreased $3.3 billion, or 2.3 percent, to $140.6 billion, compared to a 3.2 percent decrease in nominal exports.
  • Real imports of goods decreased $5.7 billion, or 2.4 percent, to $225.5 billion, compared to a 2.3 percent decrease in nominal imports.

Revisions

Revisions to October exports

  • Exports of goods were revised down $0.1 billion.
  • Exports of services were revised down $0.1 billion.

Revisions to October imports

  • Imports of goods were revised up $0.1 billion.
  • Imports of services were revised down $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The November figures show surpluses, in billions of dollars, with South and Central America ($4.1), Netherlands ($3.0), Hong Kong ($1.8), Australia ($1.4), United Kingdom ($0.6), Singapore ($0.4), Belgium ($0.2), and Brazil (less than $0.1). Deficits were recorded, in billions of dollars, with China ($21.5), European Union ($15.6), Mexico ($13.8), Vietnam ($9.7), Canada ($7.8), Japan ($7.1), Germany ($5.6), Taiwan ($4.6), Ireland ($4.4), India ($4.0), Italy ($3.6), South Korea ($3.5), Switzerland ($2.3), Malaysia ($1.7), France ($0.6), Israel ($0.4), and Saudi Arabia ($0.1).

  • The deficit with the European Union decreased $3.5 billion to $15.6 billion in November. Exports increased $1.3 billion to $30.7 billion and imports decreased $2.3 billion to $46.4 billion.
  • The deficit with China decreased $2.4 billion to $21.5 billion in November. Exports decreased $1.8 billion to $11.9 billion and imports decreased $4.2 billion to $33.4 billion.
  • The deficit with Switzerland increased $2.0 billion to $2.3 billion in November. Exports decreased $2.5 billion to $1.4 billion and imports decreased $0.5 billion to $3.7 billion.

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

Next release: February 7, 2024, at 8:30 a.m. EST
U.S. International Trade in Goods and Services, December and Annual 2023