U.S. Trade Gap Decreases by $3.2 Million in November
According to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, the U.S. trade gap was “39.0 billion in November, down $3.2 billion from $42.2 billion in October. November imports were $235.4 billion, $5.2 billion less than October imports.”
The U.S. trade gap decreased as a result of imports of goods falling at a rate of 2.2 percent or $5.2 billion compared to the decrease of exports of goods at a rate of 1 percent or $2 billion. The decrease in exports can be partially attributed to fewer commercial airliner sales in November. The decrease in imports can be partially attributed to lower crude oil prices and America’s efforts to lessen its dependence on foreign oil.
Some believe that the U.S. trade gap will continue to widen in 2015 due to the slow growth of foreign markets and the strengthening of the dollar. This may make it harder for American exporters to penetrate markets in Europe and Asia.
“Year-to-date, the goods and services deficit increased $22.3 billion, or 5.1 percent, from the same time period in 2013. Exports increased $60.0 billion or 2.9 percent. Imports increased $82.4 billion or 3.3 percent.”
November exports were $136.7 billion, down from October. Exports of civilian aircraft, capital goods, and generators, transformers, and accessories contributed to the decrease from the previous month. November imports were $195 billion. Imports of industrial supplies and materials and crude oil decreased during this time period.
There was a trade surplus with South and Central America and Brazil in November. Trade deficits were recorded with China, European Union, Germany, Japan, Mexico, South Korea, Italy, India, France, OPEC, Canada, Saudi Arabia, and the United Kingdom for the same time period.