Global Trade Increased Broadly in November
January 12, 2010U.S. trade with other countries increased broadly in November as imports outpaced exports, widening the trade deficit by $3.2 billion.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced Tuesday that total November exports of $138.2 billion and imports of $174.6 billion resulted in a goods and services deficit of $36.4 billion, up from $33.2 billion in October, revised.
November exports were $1.2 billion more than October exports of $137 billion. November imports were $4.4 billion more than October imports of $170.2 billion.
Compared with a year earlier, imports and exports were significantly lower. Exports were down $3.3 billion, or 2.3 percent, and imports were down $10.1 billion, or 5.5 percent. In November, the goods and services deficit decreased $6.8 billion from November 2008.
The October to November increase in exports of goods reflected increases in foods, feeds, and beverages ($1.3 billion); automotive vehicles, parts, and engines ($700 million); and capital goods ($400 million). Decreases occurred in consumer goods ($700 million), industrial supplies and materials ($500 million), and other goods ($400 million).
The October to November increase in imports of goods reflected increases in industrial supplies and materials ($2.1 billion), consumer goods ($1.4 billion), and capital goods ($1.2 billion). Decreases occurred in foods, feeds, and beverages ($200 million) and automotive vehicles, parts, and engines ($100 million). Other goods were virtually unchanged.
