US Trade Deficit at 11-Month Low

The US trade gap decreased to USD 39 billion in November of 2014 from a revised USD 42.3 billion in the previous month. It is the lowest trade deficit since December of 2013 supported by a fall in crude oil imports.

In November, imports declined by 2.2 percent to USD 235.4 billion. Imports of goods fell by USD 5.2 billion to USD 195 billion with crude oil and fuel oil decreasing by USD 2.2 billion and USD 0.7 billion respectively. Imports of services went down less than USD 0.1 billion. A decrease in travel (for all purposes including education) was mostly offset by increases in several categories of services.

In November, exports declined by 1 percent to USD 196.4 billion. Exports of goods decreased by USD 1.8 billion to USD 136.7 billion hit by drop in shipments of civilian aircraft and generators (USD 1.1 billion) and generators, transformers, and accessories (USD 0.3 billion). Exports of services declined USD 0.1 billion. The decrease mostly reflected lower transport sales (USD 0.1 billion), including freight and port services and passenger fares.

The November figures show surpluses with South and Central America (USD 4.3 Billion) and Brazil (USD 0.6). Deficits were recorded with China (USD 29.8), European Union (USD 12.7), Germany (USD 6.3), Japan (USD 5.6), Mexico (USD 4.4), South Korea (USD 2.9), Italy, India, France, Canada, Saudi Arabia and United Kingdom.

Year-to-date, the goods and services deficit increased USD 22.3 billion, or 5.1 percent, from the same period in 2013. Exports increased USD 60.0 billion or 2.9 percent. Imports increased USD 82.4 billion or 3.3 percent.

US Trade Deficit at 11-Month Low

BEA | Joana Taborda |
1/7/2015 3:51:23 PM