Background

Trade statistics released Jan. 6 by the Department of Commerce show that the U.S. monthly trade deficit in goods and services rose 6.6 percent in November to $45.2 billion following a 17.7 percent jump in October. Exports slipped 0.5 percent to $185.8 billion while imports rose 1.0 percent to $231.1 billion. However, for the year to date the deficit was down 1.1 percent from 2015 due to a 2.4 percent decline in imports offsetting a 2.7 percent decrease in exports.

The goods deficit increased 5.4 percent to $66.6 billion in November. Imports of goods were up 1.4 percent to $189.0 billion, including an increase of $900 million in crude oil. Exports of goods were down 0.6 percent to $122.4 billion, including a $1.3 billion decrease in civilian aircraft as well as a $1.5 billion increase in industrial supplies and materials.

The services surplus grew 2.4 percent to $21.4 billion. Imports were down 0.7 percent to $42.1 billion and exports rose 0.5 percent to $63.5 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$28.4 billion

-1.7

   

European Union

$13.8 billion

+7.0

   

Japan

$5.7 billion

-1.7

   

Mexico

$5.7 billion

-1.7

   

Germany

$5.3 billion

+12.8

   

Canada

$3.2 billion

+88.2

   

Italy

$2.2 billion

No change

   

South Korea

$2.2 billion

+57.2

   

India

$1.8 billion

-25.0

   

Taiwan

$1.3 billion

+30

   

France

$1.3 billion

-18.8

   

Saudi Arabia

$0.2 billion

No change

   

Hong Kong

   

$2.5 billion

-3.8

South/Central America

   

$2.4 billion

+33.3

Singapore

   

$1.0 billion

-23.1

Brazil

   

$0.8 billion

+800

United Kingdom

   

$0.1 billion

Shift from $0.7 billion deficit

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