U.S. Trade Deficit Heads Higher
January 13, 2012 by UPI - United Press International, Inc.
WASHINGTON, Jan. 13 (UPI) — The U.S. international trade deficit widened sharply November, the U.S. Census Bureau said Friday.
After three months of consistent numbers — a $44.9 billion deficit in August, a $44.2 billion deficit in September and a $43.3 billion deficit in October — the the bureau said U.S. exports dropped to $177.8 billion in November, while imports rose to $225.6 billion.
That left a deficit of $47.8 billion for November — an increase of $4.5 billion from October and an increase of $8.9 billion from November 2010, the report said.
The decline in exports included a $1.6 billion decline in industrial supplies and materials and a $200 million decline in capital goods. Export of automobiles and automobile parts also dropped by $200 million in November.
Exports of consumer goods — another way of saying non-durable goods — fell by $800 million.
In the month, exports of services was “virtually unchanged,” with decreases in travel and passenger fees offset by increases in royalties and license fees.
The trade deficit with China dropped from $28.1 billion to $26.9 billion month-to-month. The deficit with the Organization of Petroleum Exporting Countries rose from $8.3 billion to $9.1 billion.