By: Joe Kafchinski
The U.S. international trade deficit decreased to $38.3 billion in November 2010 , as exports increased more than imports. Exports increased 0.8% from October 2010 to $159.6 billion, and imports increased 0.6% to $198.0 billion. The trade surplus in services of $12.9 billion was the highest on record. The $113.5 billion in exports of goods were the highest since $117.2 billion in August 2008.
The increase in exports was driven by record high exports of consumer goods ($14.9 billion, up from $13.9 billion in October) and foods, feeds, and beverages ($10.5 billion, up from $9.9 billion). Exports of pharmaceutical preparations were $4.6 billion, up $1.0 billion compared to October, and exports of civilian aircraft increased $0.4 billion in November to $2.7 billion.
For imports, increases of $1.9 billion in industrial supplies and $1.0 in capital goods were partially offset by a $0.9 billion drop in imports of consumer goods and a $0.4 billion drop in imports of automotive vehicles, parts and engines.
For the second consecutive month, exports to China reached a record-high. The $9.5 billion in exports surpassed October’s $9.3 billion. A slightly larger increase in imports from China, from $34.8 billion in October to $35.1 billion in November, caused the trade deficit with China to expand slightly, to $25.6 billion, despite the record-high export figure.