U.S. International Trade in Goods and Services Highlights

January 13, 2009

Goods and Services Deficit Decreases in November 2008

The Nation's international deficit in goods and services decreased to $40.4 billion in November from $56.7 billion (revised) in October, as imports decreased more than exports.

Goods and Services

• Exports decreased to $142.8 billion in November from $151.5 billion in October. Goods were $97.2 billion in November, down from $104.8 billion in October, and services were $45.6 billion in November, down from $46.7 billion in October.
  
  
• Imports decreased to $183.2 billion in November from $208.2 billion in October. Goods were $149.7 billion in November, down from $173.8 billion in October, and services were $33.6 billion in November, down from $34.4 billion in October.
  
  
• For goods, the deficit was $52.4 billion in November, down from $69.0 billion in October. For services, the surplus was $12.0 billion in November, down from $12.4 billion in October.
  

Goods by Category

• The October to November change in exports of goods reflected decreases in industrial supplies and materials ($4.2 billion); capital goods ($1.5 billion); automotive vehicles, parts, and engines ($1.1 billion); foods, feeds, and beverages ($0.5 billion); and consumer goods ($0.2 billion). An increase occurred in other goods ($0.2 billion).
  
  
• The October to November change in imports of goods reflected decreases in industrial supplies and materials ($16.5 billion); consumer goods ($3.8 billion); capital goods ($2.2 billion); automotive vehicles, parts, and engines ($1.2 billion); and foods, feeds, and beverages ($0.4 billion). Other goods were virtually unchanged.

Services by Category

• The October to November change in exports of services mostly reflected decreases in other private services ($0.4 billion), which includes items such as business, professional, and technical services, insurance services, and financial services; travel ($0.3 billion); and other transportation ($0.2 billion), which includes freight and port services.
  
  
• The October to November change in imports of services mostly reflected decreases in other transportation ($0.3 billion), travel ($0.2 billion), and other private services ($0.1 billion).

Goods by Geographic Area (Not Seasonally Adjusted)

• The goods deficit with Canada decreased from $5.9 billion in October to $3.3 billion in November. Exports decreased $2.9 billion (primarily other petroleum products and automobiles, parts, and accessories) to $19.2 billion, while imports decreased $5.4 billion (primarily crude oil) to $22.6 billion.
  
  
• The goods deficit with China decreased from $28.0 billion in October to $23.1 billion in November. Exports decreased $0.8 billion (primarily steelmaking materials) to $5.2 billion, while imports decreased $5.7 billion (primarily household goods; toys, games, and sporting goods; and apparel) to $28.3 billion.
  
  
• The goods deficit with the European Union decreased from $9.6 billion in October to $5.6 billion in November. Exports decreased $2.2 billion (primarily passenger cars and nonmonetary gold) to $20.7 billion, while imports decreased $6.2 billion (primarily pharmaceutical preparations and other petroleum products) to $26.3 billion.

  This and more information is provided in the Bureau of the Census and Bureau of Economic Analysis press release:

  U.S.International Trade in Goods and Services: November 2008 .

  This and more information is provided in the U.S. Census Bureau and U.S. Bureau of Economic Analysis press release, U.S. International Trade in Goods and Services: November 2008. For further information on goods, contact Maria Iseman, Foreign Trade Division, U.S. Census Bureau, on (301) 763-2311; on services, contact Christopher Bach, U.S. Bureau of Economic Analysis, on (202) 606-9545.
  
  NOTE: Total goods data are reported on a Balance of Payments basis; commodity and country detail data for goods are on a Census basis. For information on data sources and definitions, see the information section on page A-1 of the FT-900 release, or at www.census.gov/ft900 or http://www.bea.gov/bea/di/home/trade.htm.

  The next release is February 11, 2009

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  Note: Total goods data are reported on a Balance of Payments basis; commodity and country detail data for goods are on a Census basis. For information on data sources and definitions, see the Information Section (PDF, 53k) (TXT, 23k)

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  Related sites:

  • U.S. Department of Commerce
    • U.S. Census Bureau, Foreign Trade Division
    • Bureau of Economic Analysis