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January 17, 2022

US trade deficit in goods rises 19.4% in November

The US trade deficit in goods and services increased by 19.4% in November, reflecting increases in both the goods deficit and services surplus of US$15.1bn and $2.1bn respectively.

By Beth Wright

The goods and services deficit amounted to $80.2bn in November, up $13bn from $67.2bn in October, revised, according to trade statistics released by the US Census Bureau and the US Bureau of Economic Analysis.

The figure is just below September’s record $81.5bn, according to international trade law firm Sandler, Travis & Rosenberg (ST&R).

November exports were $224.2bn, $0.4bn more than October exports, while November imports were $304.4bn, $13.4bn more than imports a month prior.

Year-to-date, the goods and services deficit increased $174.6bn, or 28.6%, from the same period in 2020. Exports rose $354.4bn or 18.2%, while imports were up $529bn or 20.7%.

The largest deficit was recorded with China at $28.4bn, followed by the European Union at $19.4bn, and Mexico at $11bn.

Deficits were also recorded with Germany ($6.1bn), Canada ($5.4bn), Taiwan ($4bn), Italy ($3.6bn), Japan ($3.6bn), India ($3bn), South Korea ($2.2bn), France ($1.2bn), and Saudi Arabia ($0.4bn).
Surpluses for the month of November, meanwhile, were recorded with South and Central America ($4.5bn), Hong Kong ($1.6bn), Brazil ($1bn), United Kingdom ($0.5bn), and Singapore ($0.3bn).

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