The US trade deficit fell in November thanks to strong US services exports, the Commerce Department reported.
The goods and services deficit was $63.2 billion in November, down $1.3 billion from $64.5 billion in October.
November exports were $253.7 billion, $4.8 billion less than October exports, while imports were $316.9 billion, $6.1 billion less than October imports.
The November decrease in the goods and services deficit reflected a decrease in the goods deficit of $600 million to $89.4 billion and an increase in the services surplus of $700 million to $26.2 billion.
Year-to-date, the goods and services deficit decreased $161.8 billion, or 18.4 percent, from the same period in 2022. Exports increased $28.8 billion or 1 percent, while imports decreased $133 billion or 3.6 percent.
The average goods and services deficit increased $1.5 billion to $62.9 billion for the three months ending in November.
Exports of goods decreased $5.4 billion to $168 billion in November, while services exports rose by $600 million to $85.7 billion in November.
Imports of goods fell by $6 billion to $257.4 billion in November and services imports were down $100 million to $59.6 billion in November.
The closely-watched US trade deficit with China dropped by $2.4 billion to $21.5 billion in November, with exports down $1.8 billion to $11.9 billion and imports down $4.2 billion to $33.4 billion.
US deficit with the European Union also was down in November, falling by $3.5 billion to $15.6 billion. Exports increased $1.3 billion to $30.7 billion and imports decreased $2.3 billion to $46.4 billion.
Deficits also were recorded with Mexico at $13.8 billion, Vietnam $9.7 billion, Canada $7.8 billion, Japan $7.1 billion, Germany $5.6 billion, Taiwan $4.6 billion, Ireland $4.4 billion, India $4 billion, Italy $3.6 billion, South Korea $3.5 billion, Switzerland $2.3 billion, Malaysia $1.7 billion, France $600 million, Israel $400 million and Saudi Arabia $100 million.
The United States ran trade surpluses in November with South and Central America at $4.1 billion, Netherlands $3 billion, Hong Kong $1.8 billion, Australia $1.4 billion, United Kingdom $600 million, Singapore $400 million, Belgium $200 million and Brazil at less than $100 million.
Reuters news service reported that Canada's trade surplus narrowed to C$1.57 billion ($1.17 billion) in November from October, data showed on Tuesday, as precious metals led the first decline in exports in five months.
The surplus was lower than a C$2 billion median forecast of analysts polled by Reuters. October's surplus was upwardly revised to C$3.20 billion from a previously reported C$2.97 billion, Statistics Canada said.
Total exports fell 0.6%, while imports were up 1.9%. Overall it was the fourth consecutive monthly surplus.
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