Deficit reflected a US$15.1 billion increase in the goods deficit and a US$2.1 billion gain in the services surplus

The goods and services deficit in November 2021 was US$80.2 billion, up US$13.0 billion from US$67.2 billion in October 2021, according to the United States Census Bureau and the Bureau of Economic Analysis.

November exports totaled US$224.2 billion, a US$0.4 billion increase over October exports. November imports totaled US$304.4 billion, a US$13.4 billion increase over October imports.

The November increase in the goods and services deficit reflected a US$15.1 billion increase in the goods deficit to US$99.0 billion and a US$2.1 billion gain in the services surplus to US$18.8 billion.

The goods and services deficit has climbed by US$174.6 billion, or 28.6 per cent year-to-date compared to the same period in 2020. Furthermore, exports climbed by US$354.4 billion, or 18.2 per cent and imports climbed by US$529.0 billion, or 20.7 per cent.

Average goods and services deficit climbing

For the three months ending in November, the average goods and services deficit climbed by US$2.3 billion to US$76.3 billion. The average goods and services deficit climbed US$11.7 billion year on year for the three months ended in November 2020.

In November, goods exports fell by US$2.9 billion to US$155.9 billion. Of goods exported, the value of industrial supplies and materials fell by US$0.9 billion whereas capital goods fell by US$1.2 billion.

Moreover, service exports climbed US$3.2 billion to US$68.3 billion in November. Imports of goods climbed by US$12.3 billion in November to US$254.9 billion.

As for imports, the value of consumer products grew by US$3 billion, industrial supplies and materials grew by US$5.9 billion whereas automotive vehicles, parts, and engines grew by $1.2 billion. Besides, in November, service imports grew by US$1.1 billion to US$49.5 billion.