US trade deficit increased to $63.1 billion in November

International
US trade deficit increased to $63.1 billion in November
By Finfacts Team
Jan 11, 2008, 15:14

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Source: US Bureau of Economic Analysis

The US monthly goods and services deficit increased in November 2007, according to the US Bureau of Economic Analysis and the US Census Bureau. The deficit increased from $57.8 billion (revised) in October to $63.1 billion in November, as imports increased more than exports, boosted by higher oil prices. The October deficit was virtually unrevised from its previously published value of $57.8 billion.

Exports

Exports of goods and services increased $0.6 billion in November to $142.3 billion, mostly reflecting an increase in services exports. Goods exports also increased.

The increase in goods exports was mostly accounted for by increases in automotive vehicles, parts, and engines; foods, feeds, and beverages; and other goods, which were mostly offset by a decrease in capital goods.
The increase in services exports was mostly accounted for by increases in transfers under U.S. military sales contracts, other transportation, and travel.

Imports

Imports of goods and services increased $6.0 billion in November to $205.4 billion, mostly reflecting an increase in goods imports. Services imports also increased.

The increase in goods imports was mostly accounted for by increases in industrial supplies and materials and consumer goods.

The increase in services imports was mostly accounted for by an increase in other private services.

Goods by geographic area (not seasonally adjusted)

The goods deficit with Canada decreased from $5.4 billion in October to $4.7 billion in November. Exports decreased $0.7 billion to $22.6 billion, while imports decreased $1.3 billion to $27.4 billion.
The goods deficit with China decreased from $25.9 billion in October to $24.0 billion in November.
Exports increased $0.1 billion to $5.8 billion, while imports decreased $1.8 billion to $29.8 billion.
The goods deficit with the European Union decreased from $11.9 billion in October to $10.4 billion in November. Exports decreased $0.8 billion to $21.0 billion, while imports decreased $2.3 billion to $31.4 billion.

China's trade surplus surged 47.7% to reach a record $262.2 billion in 2007