The U.S. monthly international trade deficit increased in November 2012, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $42.1 billion (revised) in October to $48.7 billion in November, as imports increased more than exports. The previously published October deficit was $42.2 billion. The goods deficit increased $6.6 billion from October to $65.7 billion in November, and the services surplus was virtually unchanged from October at $17.0 billion in November.
Exports
Exports of goods and services increased $1.7 billion in November to $182.6 billion, mostly reflecting an increase in exports of goods. Exports of services also increased.
• The increase in exports of goods was more than accounted for by increases in capital goods, automotive vehicles, parts and engines, and industrial supplies and materials.
• The increase in exports of services was more than accounted for by increases in passenger fares and travel. A decrease in other private services, which includes items such as business, professional, and technical services, insurance services, and financial services, was partly offsetting.
Imports
Imports of goods and services increased $8.4 billion in November to $231.3 billion, mostly reflecting an increase in imports of goods. Imports of services also increased.
• The increase in imports of goods mostly reflected increases in consumer goods, automotive vehicles, parts and engines, and industrial supplies and materials.
• The increase in imports of services reflected an increase in other transportation, which includes freight and port services. Smaller increases in most of the other categories of services imports also contributed.
Goods by geographic area (not seasonally adjusted)
• The goods deficit with China decreased from $29.5 billion in October to $29.0 billion in November. Exports decreased $0.2 billion to $10.6 billion, while imports decreased $0.7 billion to $39.5 billion.
• The goods deficit with Canada increased from $1.7 billion in October to $3.0 billion in November. Exports decreased $1.2 billion to $24.7 billion, while imports increased $0.1 billion to $27.7 billion.
• The goods deficit with Mexico increased from $4.4 billion in October to $4.9 billion in November. Exports decreased $1.6 billion to $18.8 billion, while imports decreased $1.1 billion to $23.7 billion.
To learn more about U.S. international trade in goods and services, read the full report.
Personal income increased 2.6 percent in December after increasing 1.0 percent in November. Accelerated bonus payments of $30 billion (at an annual rate) in December and $15 billion in November boosted wages and salaries. Accelerated dividend payments of $291.0 billion in December and $25.8 billion in November, made in anticipation of tax law changes, boosted personal dividend income.
PCE prices remained flat in December after decreasing 0.2 percent in November.
