The 2020 Mid-Year Economic Update_long

November U.S. Exports, Imports Decrease

Goods and services deficit decreased year-over-year in November.

The U.S. goods and services deficit was $49.3 billion in November, as exports and imports both decreased, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce. The previously published October deficit was $55.7 billion. The goods deficit increased $4.2 billion in July to $73.1 billion. The services surplus decreased $0.1 billion in July to $23.1 billion.

November exports were $209.9 billion, $1.3 billion less than October exports. November imports were $259.2 billion, $7.7 billion less than October imports. 

The November decrease in the goods and services deficit reflected a decrease in the goods deficit of $6.7 billion to $71.6 billion and a decrease in the services surplus of $0.3 billion to $22.3 billion. 

Year-to-date, the goods and services deficit increased $51.9 billion, or 10.4 percent, from the same period in 2017. Exports increased $157.1 billion or 7.3 percent. Imports increased $208.9 billion or 7.9 percent. 

The average goods and services deficit decreased $1.5 billion to $53.2 billion for the three months ending in November. 

Year-over-year, the average goods and services deficit increased $6.4 billion from the three months ending in November 2017. 

Exports of goods decreased $1.2 billion to $140.3 billion in November. Exports of goods on a Census basis decreased $1.2 billion. Exports of services decreased $0.1 billion to $69.5 billion in November. 

Imports of goods decreased $7.9 billion to $211.9 billion in November. Imports of goods on a Census basis decreased $7.9 billion. Imports of services increased $0.2 billion to $47.3 billion in November. 

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