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Trade Deficit Down Again as Imports, Exports Continue Decline

Wednesday, January 08, 2020
Sandler, Travis & Rosenberg Trade Report

The U.S. trade deficit in goods and services fell another 8.7 percent in November, according to trade statistics released Jan. 7 by the Department of Commerce. The monthly deficit of $43.1 billion reflected a 0.7 percent increase in exports to $208.6 billion and a 1.0 percent decrease in imports to $251.7 billion. The deficit is up 0.7 percent for the year to date compared to the same period in 2018, with imports down 0.1 percent and exports down less than 0.1 percent.

The deficit in goods trade declined 5.8 percent in November to $63.9 billion. Imports of goods dropped 1.4 percent to $201.1 billion, including decreases of $600 million each in civilian aircraft, computers, and industrial supplies and materials and $500 million each in cell phones and other household goods and automotive parts and accessories. Exports of goods rose 0.7 percent to $137.2 billion, including increases of $400 million each in drilling and oilfield equipment, jewelry, and automotive vehicles, parts, and engines.

The services surplus lost less than $0.1 billion to $20.8 billion, resuming a slow decline that has persisted for most of 2019. Imports were up 0.8 percent to $50.7 billion while exports rose 0.6 percent to $71.5 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$25.6 billion

-7.9

   

European Union

$13.5 billion

-5.6

   

Mexico

$8.5 billion

+9.0

   

Japan

$5.7 billion

+16.3

Germany

$5.2 billion

+4.0

   

India

$2.4 billion

+20.0

   

Italy

$2.3 billion

-11.5

Canada

$1.7 billion

-50.0

   

Taiwan

$1.7 billion

+6.3

   

France

$1.2 billion

-40.0

   

South Korea

$1.2 billion

-20.0

   

South/Central America

   

$4.9 billion

+4.3

Hong Kong

   

$1.8 billion

0

Brazil

   

$1.7 billion

+29.4

United Kingdom

   

$1.3 billion

+62.5

Singapore

   

$0.6 billion

0

Saudi Arabia

   

$0.1 billion

-83.3

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