by Calculated Risk on 1/05/2018 12:27:00 PM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $50.5 billion in November, up $1.6 billion from $48.9 billion in October, revised. November exports were $200.2 billion, $4.4 billion more than October exports. November imports were $250.7 billion, $6.0 billion more than October imports.

Click on graph for larger image.

Both exports and imports increased in November.

Exports are 12% above the pre-recession peak and up 8% compared to November 2016; imports are 8% above the pre-recession peak, and up 8% compared to November 2016.

Trade has been picking up.

The second graph shows the U.S. trade deficit, with and without petroleum.

The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Oil imports averaged $50.10 in October, up from $47.26 in November, and up from $40.81 in November 2016.  The petroleum deficit had been declining for years (although the petroleum deficit has been steady for the last few years) this is the major reason the overall deficit has mostly moved sideways since early 2012. 

The trade deficit with China increased to $35.4 billion in November, from $30.5 billion in November 2016.