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The US trade deficit in November came in 11% lower than estimates, following the October blowout, the largest since 2008. The US had a $49.3 billion deficit upown from $55.7 billion in October with imports falling. The deficit with China fell $2.8 billion to $35.4 Billion.

 US Trade Nov 2018

Highlights  

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $49.3 billion in November down $6.4 billion from $55.7 billion in October, revised.

  • Exports -.6%, imports - 2.9%
  • Goods deficit $71.6B Down from $78.3B
  • Services surplus +22.3B Down from +22.6B
  • Exports $209.90B vs $211.20B in Oct
  • Imports $259.2 vs $273.6B in Oct (record high in imports)
  • US-China October deficit $43.1B vs $40.24B prior
  • US- OPEC deficit $2.45B vs $1.98B prior

Exports

Exports of goods decreased $1.2 billion to $140.3 billion in November.

  • Exports of goods on a Census basis decreased $1.2 billion.
  • Industrial supplies and materials decreased $1.4 billion.
  • Other petroleum products decreased $0.6 billion.
  • Nonmonetary gold decreased $0.5 billion.
  • Consumer goods decreased $0.9 billion.
  • Gem diamonds decreased $0.5 billion.
  • Pharmaceutical preparations decreased $0.4 billion.
  • Capital goods increased $1.4 billion.
  • Civilian aircraft increased $1.0 billion.

Net balance of payments adjustments increased less than $0.1 billion.

Exports of services decreased $0.1 billion to $69.5 billion in November.

  • Financial services decreased $0.1 billion.

Imports

Imports of goods decreased $7.9 billion to $211.9 billion in November.

  • Imports of goods on a Census basis decreased $7.9 billion.
  • Consumer goods decreased $4.3 billion.
  • Cell phones and other household goods decreased $2.3 billion.
  • Artwork, antiques, stamps, and other collectibles decreased $0.4 billion.
  • Industrial supplies and materials decreased $3.4 billion.
  • Other petroleum products decreased $1.4 billion.
  • Fuel oil decreased $0.8 billion.
  • Crude oil decreased $0.7 billion.

Net balance of payments adjustments increased less than $0.1 billion.

Imports of services increased $0.2 billion to $47.3 billion in November.

  • Travel (for all purposes including education) increased $0.3 billion.
  • Insurance services decreased $0.1 billion.

Goods by Selected Countries and Areas:

The November figures show surpluses, in billions of dollars, with: 

South and Central America ($4.8), Hong Kong ($2.6), United Kingdom ($0.9), Singapore ($0.8), and Brazil ($0.7). Deficits were recorded, in billions of dollars, with China ($35.4), European Union ($13.8), Mexico ($6.8), Japan ($5.7), Germany ($5.6), Italy ($2.7), South Korea ($1.9), India ($1.7), Taiwan ($1.6), Saudi Arabia ($1.5), France ($1.3), OPEC ($1.2), and Canada ($0.8).

Deficit in billions with;

The deficit with China decreased $2.8 billion to $35.4 billion in November. Exports decreased $0.1 billion to $7.4 billion and imports decreased $2.9 billion to $42.8 billion. The deficit with Canada decreased $1.3 billion to $0.8 billion in November. Exports decreased $0.4 billion to $24.5 billion and imports decreased $1.7 billion to $25.3 billion. The deficit with Taiwan increased $0.4 billion to $1.6 billion in November. Exports decreased $0.3 billion to $2.5 billion and imports increased $0.1 billion to $4.1 billion.

* * * All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release.

Source: bea

 From The Traders Community News Desk

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