Global| Jan 06 2017U.S. Trade Deficit Widens Again
Summary
The U.S. trade deficit in goods and services increased further in November to $45.2 billion from $42.4 billion in October, revised slightly from $42.6 billion; the deficit was $36.2 billion in September. The Action Economics Forecast [...]
The U.S. trade deficit in goods and services increased further in November to $45.2 billion from $42.4 billion in October, revised slightly from $42.6 billion; the deficit was $36.2 billion in September. The Action Economics Forecast Survey expected a $42.4 billion deficit for November. Total imports rose 1.1% (2.8% y/y) in that latest month, following 1.2% in October; petroleum was mainly responsible, although nonpetroleum import also rose. Exports edged lower by 0.2% (+1.2% y/y), much less than their 1.8% drop in October.
Imports of goods increased 1.4% (2.8% y/y) following a similar 1.4% rise in October. Petroleum product imports surged 7.6% (15.0% y/y), as the price per barrel of crude oil rose to $40.82, the highest since July. The quantity of energy-related petroleum product imports increased 5.9% (+15.9% y/y). Nonpetroleum goods advanced 0.9% (+2.0% y/y) after October's 1.3% rise. Among major categories, industrial supplies & materials (which include petroleum) were up 6.0% (11.2% y/y), foods, feeds & beverages rose 2.1% (6.9% y/y) and "other" goods imports increased 1.7% (1.8% y/y); autos & parts imports edged higher 0.5% (+0.1% y/y). After a strong 2.2% gain in October, capital goods fell 0.3% (+0.3% y/y). Nonauto consumer goods imports decreased 0.2% for November (+0.5% y/y).
Services imports decreased 0.6% (2.9% y/y) in November following a 0.3% increase. Travel imports fell 1.7% (5.0% y/y), and transport imports fell 1.3% (1.9% y/y).
Exports of goods declined 0.6% (+0.9% y/y) after a 2.8% decrease. Foods, feeds & beverage exports were down 1.7% (+9.2% y/y). Capital goods exports fell 4.1% (-5.5% y/y), autos & parts, 2.4% (-4.9% y/y) and "other" goods, 11.8% (+5.7% y/y). In contrast, industrial supplies & materials exports gained 4.3% (+7.7% y/y) and nonauto consumer goods exports rose 3.0% (2.5% y/y).
Services exports rose 0.4% (1.9% y/y) after a slim 0.1% rise in October. Travel exports rose 0.4% (+3.3% y/y) and transport exports gained 0.6% (-1.5% y/y).
By country, the trade deficit with China decreased modestly to $30.5 billion in November from $31.1 billion in the month before. U.S. exports to China fell 4.6% m/m (14.1% y/y), while imports fell 2.7% (1.7% y/y). The trade deficit with Japan was unchanged in November at $5.9 billion. Exports were down 5.9% (+10.1% y/y), while imports decreased 3.2% (6.3% y/y). The trade deficit with the European Union (EU-28) widened to $14.8 billion from $13.1 billion, as exports declined 9.2% (-5.4% y/y) and imports from the EU-28 decreased 1.3% (-0.0% y/y). These country data are not seasonally adjusted.
The international trade data can be found in Haver's USECON database. Detailed figures are available in the USINT database. The expectations figures are from the Action Economics Forecast Survey, which is carried in the AS1REPNA.
(11/15)
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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