U.S. Trade Deficit Rose to $50.5 billion in November

The US Census Bureau, announced today that the U.S. trade deficit in goods and services rose to $50.5 billion in November as imports of goods surged to a record high amid strong domestic demand. November exports were $200.2 billion, $4.4 billion more than October exports. November imports were $250.7 billion, $6.0 billion more than October imports. The U.S. had run up a $737.4 billion deficit in goods trade through November and had a $223.8 billion surplus in trade in services such as tourism and banking. Through the first 11 months of 2017, the monthly deficits total $513.6 billion, 11.6 percent above the deficit total for the same period in 2016.

The politically sensitive deficit with China rose to $35.4 billion in November, the biggest goods deficit that the United States runs with any country and the largest monthly deficit with China since September 2015. Crude oil imports saw a considerable increase amid higher prices, while imports of semiconductors and cell phones and other household goods also saw notable growth.

Economists polled by Reuters, the trade deficit increasing to $49.5 billion in November after a previously reported $48.7 billion deficit in the prior month. Economists surveyed by The Wall Street Journal expected a $49.8 billion gap.

Monthly Trade Highlights

The November goods and services deficit ($50.5 billion) was the highest since January 2012 ($51.0 billion).

Exports were $200.2 billion in November, up from $195.8 billion in October.

November exports of goods ($134.0 billion) were the highest since November 2014 ($134.7 billion).

November exports of services ($65.7 billion) were the highest on record.

November exports of industrial supplies and materials ($41.2 billion) were the highest since November 2014 ($41.9 billion).

November exports of capital goods ($46.3 billion) were the highest since April 2015 ($46.8 billion).

November petroleum exports ($12.2 billion) were the highest since August 2014 ($13.6 billion).

November imports of goods and services ($250.7 billion) were the highest on record.

November imports of goods ($205.5 billion) were the highest on record.

November imports of industrial supplies and materials ($45.0 billion) were the highest since January 2015 ($47.1 billion).

November imports of capital goods ($56.5 billion) were the highest on record.

November imports of consumer goods ($52.4 billion) were the highest since March 2015 ($53.9 billion).

The November import average price per barrel of crude oil ($50.10) was the highest since July 2015 ($54.20).

The November deficit with China ($35.4 billion) was the highest since September 2015 ($36.3 billion).

The November import average price per barrel of crude oil ($50.10) was the highest since July 2015 ($54.20). November petroleum imports rose to $17 billion.

For services, the surplus was $20.4 billion in November, up from $20.3 billion in October.

The November figures show surpluses, in billions of dollars, with Hong Kong ($2.8), South and Central America ($2.6), Singapore ($1.0), United Kingdom ($0.4), and Brazil ($0.3). Deficits were recorded, in billions of dollars, with China ($33.5), European Union ($13.5), Mexico ($5.8), Japan ($5.8), Germany ($5.3), Italy ($2.8), India ($2.4), South Korea ($1.7), OPEC ($1.3), France ($1.3), Canada ($1.1), Taiwan ($0.9), and Saudi Arabia ($0.2).

The deficit with China increased $1.5 billion to $33.5 billion in November. Exports increased $0.2 billion to $10.8 billion and imports increased $1.8 billion to $44.2 billion.

The deficit with the European Union increased $1.5 billion to $13.5 billion in November. Exports decreased $1.0 billion to $24.0 billion and imports increased $0.5 billion to $37.5 billion.

The deficit with South Korea decreased $1.0 billion to $1.7 billion in November. Exports increased $0.3 billion to $4.0 billion and imports decreased $0.7 billion to $5.7 billion.

Latest U.S. International Trade in Goods and Services report is available at bea.gov