News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Tuesday, January 7, 2025
BEA 25–01
CB 25–05

U.S. International Trade in Goods and Services, November 2024

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $78.2 billion in November, up $4.6 billion from $73.6 billion in October, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $78.2 Billion  +6.2%°
Exports: $273.4 Billion  +2.7%°
Imports: $351.6 Billion  +3.4%°

Next release: Wednesday, February 5, 2025

(°) 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 7, 2025

Goods and Services Trade Deficit: Seasonally adjusted

Exports, Imports, and Balance (exhibit 1)

November exports were $273.4 billion, $7.1 billion more than October exports. November imports were $351.6 billion, $11.6 billion more than October imports.

The November increase in the goods and services deficit reflected an increase in the goods deficit of $5.4 billion to $103.4 billion and an increase in the services surplus of $0.9 billion to $25.2 billion.

Year-to-date, the goods and services deficit increased $93.9 billion, or 13.0 percent, from the same period in 2023. Exports increased $111.5 billion or 4.0 percent. Imports increased $205.3 billion or 5.8 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $2.5 billion to $78.5 billion for the three months ending in November.

  • Average exports increased $0.2 billion to $269.9 billion in November.
  • Average imports increased $2.8 billion to $348.4 billion in November.

Year-over-year, the average goods and services deficit increased $14.8 billion from the three months ending in November 2023.

  • Average exports increased $10.2 billion from November 2023.
  • Average imports increased $25.0 billion from November 2023.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $6.2 billion to $177.6 billion in November.

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

  • Industrial supplies and materials increased $4.3 billion.
    • Other petroleum products increased $0.9 billion.
    • Crude oil increased $0.7 billion.
    • Plastic materials increased $0.6 billion.
    • Nonmonetary gold decreased $0.5 billion.
  • Automotive vehicles, parts, and engines increased $1.9 billion.
    • Passenger cars increased $0.8 billion.
    • Trucks, buses, and special purpose vehicles increased $0.6 billion.
  • Capital goods increased $1.8 billion.
    • Civilian aircraft engines increased $0.5 billion.
    • Other industrial machinery increased $0.4 billion.
  • Consumer goods increased $1.6 billion.
    • Pharmaceutical preparations increased $0.8 billion.
  • Other goods decreased $5.0 billion. (See the “Notice” for more information.)

  Net balance of payments adjustments increased $0.6 billion.

Exports of services increased $0.9 billion to $95.8 billion in November.

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

Imports (exhibits 4, 6, and 8)

Imports of goods increased $11.6 billion to $280.9 billion in November.

  Imports of goods on a Census basis increased $11.6 billion.

  • Industrial supplies and materials increased $3.7 billion.
    • Nonmonetary gold increased $1.0 billion.
    • Crude oil increased $1.0 billion.
  • Capital goods increased $3.5 billion.
    • Semiconductors increased $1.2 billion.
    • Civilian aircraft increased $1.1 billion.
  • Foods, feeds, and beverages increased $1.4 billion.
  • Automotive vehicles, parts, and engines increased $1.2 billion.
    • Passenger cars increased $1.1 billion.

  Net balance of payments adjustments increased less than $0.1 billion.

Imports of services increased less than $0.1 billion to $70.6 billion in November.

  • Charges for the use of intellectual property increased $0.1 billion.
  • Insurance services increased $0.1 billion.
  • Other business services increased $0.1 billion.
  • Travel increased $0.1 billion.
  • Transport decreased $0.4 billion.

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

The real goods deficit increased $4.7 billion, or 5.1 percent, to $96.5 billion in November, compared to a 6.1 percent increase in the nominal deficit.

  • Real exports of goods increased $4.9 billion, or 3.4 percent, to $147.3 billion, compared to a 3.3 percent increase in nominal exports.
  • Real imports of goods increased $9.6 billion, or 4.1 percent, to $243.8 billion, compared to a 4.3 percent increase in nominal imports.

Revisions

Revisions to October exports

  • Exports of goods were revised up $0.7 billion.
  • Exports of services were revised down $0.1 billion.

Revisions to October imports

  • Imports of goods were revised up less than $0.1 billion.
  • Imports of services were revised up $0.4 billion.

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

The November figures show surpluses, in billions of dollars, with Netherlands ($5.4), South and Central America ($3.6), Australia ($2.0), Hong Kong ($2.0), Belgium ($0.5), Saudi Arabia ($0.3), United Kingdom ($0.3), and Brazil ($0.2). Deficits were recorded, in billions of dollars, with China ($25.4), European Union ($20.5), Mexico ($15.4), Vietnam ($11.3), Ireland ($9.3), Germany ($6.9), Taiwan ($5.5), Japan ($5.3), South Korea ($5.1), Canada ($4.9), India ($3.9), Switzerland ($3.9), Italy ($2.9), Malaysia ($2.8), France ($2.3), Israel ($0.7), and Singapore ($0.6).

  • The deficit with France increased $2.2 billion to $2.3 billion in November. Exports decreased $0.3 billion to $3.7 billion and imports increased $1.9 billion to $6.0 billion.
  • The surplus with the United Kingdom decreased $1.8 billion to $0.3 billion in November. Exports decreased $1.0 billion to $6.3 billion and imports increased $0.7 billion to $6.1 billion.
  • The deficit with Japan decreased $1.2 billion to $5.3 billion in November. Exports increased $0.2 billion to $6.6 billion and imports decreased $1.1 billion to $11.9 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 5, 2025, at 8:30 a.m. EST
U.S. International Trade in Goods and Services, December and Annual 2024

Notice

Impact of Canada Border Services Agency’s (CBSA) Release of CBSA Assessment and Revenue Management (CARM)

The CBSA introduced a new accounting system (CARM) on October 21, 2024. As a result, importers in Canada have experienced delays in filing shipment information. These delays affected the compilation of statistics on U.S. exports of goods to Canada for September through November 2024, which are derived from data compiled by Canada through the United States - Canada Data Exchange. A dollar estimate of the filing backlog is included in estimates for late receipts and, following the Census Bureau’s customary practice for late receipt estimates, is included in the export end-use category “Other goods” as well as in exports to Canada. This estimate will be replaced with the actual transactions reported by the Harmonized System classification in June 2025 with the release of “U.S. International Trade in Goods and Services, Annual Revision.” Until then, please refer to the supplemental spreadsheet “CARM Exports to Canada Corrections,” which provides a breakdown of the late receipts by 1-digit end-use category. This spreadsheet will be updated as late export transactions are received to reflect reassignments from the initial “Other goods” category to the appropriate 1-digit end-use category.

New Balance of Payments (BOP) Adjustment

With this release, BEA has introduced a new BOP adjustment to redistribute estimates for late receipts from exports of “Other goods” on a Census basis (see Notice above) to export 5-digit end-use commodities based on historical data and applied the adjustment to October and November 2024 statistics. This adjustment does not affect the statistics shown in this release but does affect the statistics on exports of goods on a BOP basis, by end-use category and commodity, that are published by BEA with each monthly release (see “International Accounts Products for Detailed Goods Trade Data”). The adjustment is necessary to maintain the consistency of the BOP time series that are used to produce BEA’s U.S. international transactions and gross domestic product statistics. The adjustment will also be applied to July through September 2024 statistics in March 2025 when these months will be open for revision. It will be removed in June 2025 with the FT-900 Annual Revision when the estimates for late receipts for 2024 will be replaced with actual transactions and recorded in the appropriate commodities.

If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, International Trade Macro Analysis Branch, on (800) 549-0595, option 4, or at eid.international.trade.data@census.gov or BEA, Balance of Payments Division, at InternationalAccounts@bea.gov.