Trade Deficit Up in November

The US trade deficit rose to $78.2 billion in November, up $4.6 billion from $73.6 billion in October, the Commerce Department reported last week.  November exports were $273.4 billion, $7.1 billion more than October exports. Imports were $351.6 billion, $11.6 billion more than October.

The November increase in the goods and services deficit reflected an increase in the goods deficit of $5.4 billion to $103.4 billion and an increase in the services surplus of $900 million to $25.2 billion, according to Commerce.

Year-to-date, the goods and services deficit increased $93.9 billion, or 13 percent, from the same period in 2023. Exports increased $111.5 billion or 4 percent while imports rose $205.3 billion or 5.8 percent.

Exports of goods increased $6.2 billion to $177.6 billion in November and services exports rose $900 million to $95.8 billion in November.

Goods imports were up $11.6 billion to $280.9 billion in November, while services imports rose less than $100 million to $70.6 billion.

In November, the United States recorded trade deficits with China of $25.4 billion, European Union $20.5 billion, Mexico $15.4 billion, Vietnam $11.3 billion, Ireland $9.3 billion, Germany $6.9 billion, Taiwan $5.5 billion, Japan $5.3 billion, South Korea $5.1 billion, Canada $4.9 billion, India $3.9 billion, Switzerland $3.9 billion, Italy $2.9 billion, Malaysia $2.8 billion, France $2.3 billion, Israel $700 million and Singapore $600 million.

The United States had trade surpluses with Netherlands at $5.4 billion, South and Central America $3.6 billion, Australia $2 billion, Hong Kong $2 billion, Belgium $500 million, Saudi Arabia $300 million, United Kingdom $300 million, and Brazil $200 million.