US trade deficit up in Nov ’24

The US goods and services trade deficit rose by 6.2 per cent to $78.2 billion in November 2024, compared to $73.6 billion in October, according to data from the US Census Bureau and the US Bureau of Economic Analysis. Exports increased by 2.7 per cent to $273.4 billion, while imports grew by 3.4 per cent to $351.6 billion.

The goods deficit increased by $5.4 billion to $103.4 billion, while the services surplus increased by $0.9 billion to $25.2 billion. Year-to-date, the trade deficit climbed by 13 per cent to $93.9 billion compared to 2023, with exports up 4 per cent ($111.5 billion) and imports up 5.8 per cent ($205.3 billion).

Key Changes in November:

• Goods exports increased by $6.2 billion to $177.6 billion, driven by rises in industrial supplies ($4.3 billion), automotive vehicles ($1.9 billion), and capital goods ($1.8 billion), and consumer goods increased $1.6 billion.
• Services exports rose $0.9 billion to $95.8 billion, led by travel and transport ($0.3 billion each).
• Goods imports grew $11.6 billion to $280.9 billion, with increases in industrial supplies ($3.7 billion), capital goods ($3.5 billion), and automotive vehicles ($1.2 billion).
• Services imports increased slightly by less than $0.1 billion to $70.6 billion.

Regional Trade Balances:

• The US recorded surpluses with the Netherlands ($5.4 billion) and South and Central America ($3.6 billion).
• Deficits were highest with China ($25.4 billion), the European Union ($20.5 billion), and Mexico ($15.4 billion).
• The deficit with France widened by $2.2 billion to $2.3 billion, while the surplus with the United Kingdom shrank by $1.8 billion to $0.3 billion.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama