Report: U.S. trade deficit increases by $5 billion in November
Jan. 7 (UPI) — The U.S. trade deficit increased by $5 billion in November to $68.1 billion, the second-highest total in history, according to figures released by the Commerce Department on Thursday.
The total was above the $67.3 billion predicted by economists interviewed by Bloomberg.
“Year-to-date, the goods and services deficit increased $73.6 billion, or 13.9 percent, from the same period in 2019,” the report said. “Exports decreased $372.3 billion or 16.1%. Imports decreased $298.7 billion or 10.5%.”
The three-month moving average for goods and services deficit increased $1.1 billion to $64.4 billion for the three months ending in November.
International Monetary Fund Chief Economist Gita Gopinath said experts are concerned about the continued U.S. trade imbalance, noting that much of the world is using the demand of U.S. consumers to spur exports, without creating demand for reciprocal trade.
The United States’ deficit with China increased $3.5 billion to $30 billion in November, with exports dropping $500 million to $12.6 billion and imports increasing $3 billion to $42.6 billion.
The country’s deficit with the European Union also increased $1 billion to $16.7 billion in November. Exports increased from $900 million to $20.4 billion and imports increased from $2 billion to $37.1 billion.
The United States did show a surplus with South and Central America, with an increased $800 million to $3 billion in November. Exports increased from $200 million to $11 billion and imports decreased by $600 million to $8 billion.
