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November 2014 Trade Gap is $39.0 Billion

The U.S. monthly international trade deficit decreased in November 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $42.2 billion in October (revised) to $39.0 billion in November, as imports decreased more than exports. The previously published October deficit was $43.4 billion. The goods deficit decreased $3.3 billion from October to $58.3 billion in November. The services surplus decreased $0.1 billion from October to $19.3 billion in November.

Balance on Goods and Services Trade Jan7

Exports
Exports of goods and services decreased $2.0 billion in November to $196.4 billion, mostly reflecting a decrease in exports of goods. Exports of services also decreased.

  • The decrease in exports of goods was more than accounted for by a decrease in capital goods. An increase in industrial supplies and materials was partly offsetting.
  • The decrease in exports of services mostly reflected a decrease in transport, which includes freight and port services and passenger fares.

Imports
Imports of goods and services decreased $5.2 billion in November to $235.4 billion, reflecting a decrease in imports of goods. Imports of services were nearly unchanged.

  • The decrease in imports of goods mostly reflected a decrease in industrial supplies and materials.
  • Imports of services were nearly unchanged as a decrease in travel (for all purposes including education) was mostly offset by small increases in several other categories.

Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with Canada decreased from $2.7 billion in October (revised) to $1.4 billion in November. Exports were nearly unchanged at $26.7 billion and imports decreased $1.3 billion to $28.1 billion
  • The goods surplus with South and Central America increased from $2.3 billion in October to $4.3 billion in November. Exports increased $0.5 billion to $15.5 billion and imports decreased $1.5 billion to $11.2 billion.
  • The goods deficit with the European Union increased from $11.2 billion in October to $12.7 billion in November. Exports decreased $0.7 billion to $22.2 billion and imports increased $0.8 billion to $35.0 billion.

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Value of U.S. Assets Decreased and Value of U.S. Liabilities Increased in Third Quarter 2014

The U.S. net international investment position was -$6,157.9 billion (preliminary) at the end of the third quarter of 2014 as the value of U.S. liabilities exceeded the value of U.S. assets. At the end of the second quarter, the net position was -$5,475.4 billion (revised).

investment position dec30

  • The $682.5 billion decrease in the net position reflected a $362.4 billion decrease in the value of U.S. assets and a $320.2 billion increase in the value of U.S. liabilities.
  • The decrease in the net position was mostly attributable to the depreciation of major foreign currencies against the U.S. dollar that lowered the value of U.S. assets in dollar term; U.S. liabilities mostly denominated in dollars were less affected.
  • The U.S. net international investment position decreased 12.5 percent in the third quarter, compared with an increase of 0.7 percent in the second quarter and an average quarterly decrease of 7.0 percent from the first quarter of 2011 through the first quarter of 2014.
  • U.S. assets were $24,614.6 billion at the end of the third quarter compared with $24,977.0 billion at the end of the second quarter.
  • U.S. liabilities were $30,772.5 billion at the end of the third quarter compared with $30,452.3 billion at the end of the second quarter.

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Real Consumer Spending Rose in November

pi1Personal income rose 0.4 percent in November after rising 0.3 percent in October. Wages and salaries, the largest component of personal income, rose 0.5 percent in November after rising 0.3 percent in October.

Current-dollar disposable personal income (DPI), after-tax income, rose 0.3 percent in November, the same increase as in October.

Real DPI, income adjusted for taxes and inflation, increased 0.5 percent in November after increasing 0.3 percent in October.

Real consumer spending, spending adjusted for price changes, increased 0.7 percent in November after increasing 0.2 percent in October. Spending on durable goods increased 2.3 percent in November after increasing 0.4 percent in October. Purchases of motor vehicles and parts accounted for about half of the increase in November.

PCE prices decreased 0.2 percent in November after remaining flat in October. Excluding food and energy, PCE prices remained flat in November after increasing 0.2 percent in October.

Personal saving rate
Personal saving as a percent of DPI was 4.4 percent in November and 4.6 percent in October.

For more, see the full report.pi2