BEA News: US international trade in goods and services, November 2021

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $80.2 billion in November, up $13.0 billion from $67.2 billion in October, revised.

U.S. International Trade in Goods and Services Deficit

Deficit:	$80.2 Billion	+19.4%°
Exports:	$224.2 Billion	+0.2%°
Imports:	$304.4 Billion	+4.6%°

Exports, Imports, and Balance (exhibit 1)

November exports were $224.2 billion, $0.4 billion more than October exports. November imports were $304.4 billion, $13.4 billion more than October imports.

The November increase in the goods and services deficit reflected an increase in the goods deficit of $15.1 billion to $99.0 billion and an increase in the services surplus of $2.1 billion to $18.8 billion.

Year-to-date, the goods and services deficit increased $174.6 billion, or 28.6 percent, from the same period in 2020. Exports increased $354.4 billion or 18.2 percent. Imports increased $529.0 billion or 20.7 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $2.3 billion to $76.3 billion for the three months ending in November.
Year-over-year, the average goods and services deficit increased $11.7 billion from the three months ending in November 2020.
Exports (exhibits 3, 6, and 7)

• Average exports increased $3.7 billion to $218.3 billion in November.
• Average imports increased $6.0 billion to $294.5 billion in November.

• Average exports increased $36.3 billion from November 2020.
• Average imports increased $48.0 billion from November 2020.

Exports of goods decreased $2.9 billion to $155.9 billion in November.

Exports of goods on a Census basis decreased $2.9 billion.
Net balance of payments adjustments increased $0.1 billion.

• Capital goods decreased $1.2 billion.
• Other industrial machines decreased $0.4 billion.
• Telecommunications equipment decreased $0.3 billion.
• Civilian aircraft engines decreased $0.2 billion.
• Industrial supplies and materials decreased $0.9 billion.
• Nonmonetary gold decreased $1.4 billion.
• Crude oil increased $0.4 billion.

Exports of services increased $3.2 billion to $68.3 billion in November.
Imports (exhibits 4, 6, and 8)

• Travel increased $2.2 billion.
• Transport increased $0.6 billion.

Imports of goods increased $12.3 billion to $254.9 billion in November.

Imports of goods on a Census basis increased $12.0 billion.
Net balance of payments adjustments increased $0.3 billion.

• Industrial supplies and materials increased $5.9 billion.
• Finished metal shapes increased $1.5 billion.
• Crude oil increased $1.3 billion.
• Consumer goods increased $3.0 billion.
• Pharmaceutical preparations increased $0.8 billion.
• Toys, games, and sporting goods increased $0.6 billion.
• Other textile apparel and household goods increased $0.6 billion.
• Automotive vehicles, parts, and engines increased $1.2 billion.
• Passenger cars increased $0.9 billion.
• Trucks, buses, and special purpose vehicles increased $0.6 billion.

Imports of services increased $1.1 billion to $49.5 billion in November.
Real Goods in 2012 Dollars – Census Basis (exhibit 11)

• Transport increased $0.7 billion.
• Travel increased $0.3 billion.

The real goods deficit increased $13.7 billion to $110.8 billion in November.
Revisions

• Real exports of goods decreased $3.8 billion to $148.6 billion.
• Real imports of goods increased $9.9 billion to $259.4 billion.

Revisions to October exports
Revisions to October imports
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

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

• Imports of goods were revised up less than $0.1 billion.
• Imports of services were revised up $0.3 billion.

The November figures show surpluses, in billions of dollars, with South and Central America ($4.5), Hong Kong ($1.6), Brazil ($1.0), United Kingdom ($0.5), and Singapore ($0.3). Deficits were recorded, in billions of dollars, with China ($28.4), European Union ($19.4), Mexico ($11.0), Germany ($6.1), Canada ($5.4), Taiwan ($4.0), Italy ($3.6), Japan ($3.6), India ($3.0), South Korea ($2.2), France ($1.2), and Saudi Arabia ($0.4).

• The deficit with the European Union increased $2.8 billion to $19.4 billion in November. Exports decreased $0.5 billion to $24.4 billion and imports increased $2.2 billion to $43.8 billion.
• The deficit with Canada increased $2.3 billion to $5.4 billion in November. Exports increased $0.5 billion to $28.1 billion and imports increased $2.8 billion to $33.5 billion.
• The deficit with South Korea decreased $0.4 billion to $2.2 billion in November. Exports increased $0.7 billion to $5.7 billion and imports increased $0.2 billion to $8.0 billion.