Background

The U.S. trade deficit in goods and services rose 7.9 percent in November to $68.1 billion, the highest in 14 years, as imports and exports both increased for the sixth straight month.

According to trade statistics from the Department of Commerce, the monthly trade deficit of $68.1 billion reflected a 1.2 percent increase in exports to $184.2 billion and a 2.9 percent increase in imports to $252.3 billion. The year-to-date deficit was up 13.9 percent from November 2019 as exports fell 16.1 percent and imports dropped 10.5 percent.

The deficit in goods trade jumped 6.1 percent from October to $86.4 billion. Imports of goods rose 3.0 percent to $214.1 billion, including increases of $2.8 billion in cell phones and other household goods, $1.5 billion in industrial supplies and materials, and $1.2 billion in capital goods along with a $1.1 billion decrease in passenger cars. Exports of goods were up 1.0 percent to $127.7 billion, including increases of $500 million each in natural gas and foods, feeds, and beverages.

The services surplus fell 0.5 percent to $18.2 billion. Imports rose 2.4 percent to $38.2 billion and exports gained 1.6 percent to $56.4 billion.

Monthly changes in U.S. trade deficits or surpluses with specific trading partners in November included the following.

Country/region

Deficit

% Change

Surplus

% Change

China

$30.0 billion

+13.2

 

 

European Union

$16.7 billion

+7.1

 

 

Mexico

$11.3 billion

-4.2

 

 

Japan

$6.6 billion

+15.8

 

 

Germany

$4.9 billion

-5.8

 

 

Italy

$3.5 billion

+40.0

 

 

Taiwan

$3.0 billion

n/a

 

 

South Korea

$2.9 billion

-3.3

 

 

India

$2.4 billion

-7.7

 

 

Canada

$1.7 billion

+30.8

 

 

France

$1.7 billion

+88.9

 

 

South/Central America

 

 

$3.0 billion

+36.4

Hong Kong

 

 

$1.8 billion

-5.3

Brazil

 

 

$1.2 billion

+140.0

United Kingdom

 

 

$1.1 billion

-15.4

Saudi Arabia

 

 

$0.2 billion

-71.4

Singapore

 

 

$0.2 billion

Shift from a <$0.1 billion deficit

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