*EPF411 01/20/00
U.S. Trade Deficit Up 3.7 Percent to Another Record in November
(Deficits down with Japan, China, Up with Canada, Mexico) (810)
By Bruce Odessey
Washington File Staff Writer
Washington -- The U.S. trade deficit jumped 3.7 percent in November to another new monthly record even as the bilateral deficits with China and Japan shrank somewhat, the U.S. Department of Commerce says.
The $26,502 million November deficit, up for the third consecutive month, comprised a record goods deficit of $32,444 million and a services surplus of $5,942 million, the department reported January 20.
In November the surplus in services, following a downward trend for more than three years, reached its lowest level since June 1995.
Both exports and imports set a record in November although imports are rising much faster than exports. Imports went up for the 11th month in a row, exports for the second.
The deficit with China dropped 9.2 percent in November to $6,491 million, the lowest level since July, and that with Japan dropped 11.3 percent to $6,367 million, the lowest level since June.
The deficit with Canada surged 10.4 percent to $3,251 million as imports reached a record $18,126 million. The deficit with Mexico jumped 21 percent to $1,702 million.
The deficit with Western Europe jumped 9.8 percent to $5,530 million. The deficit with Organization of Petroleum Exporting Countries (OPEC) members went up 5.6 percent as crude oil prices increased to $20.90 a barrel, nearly double the price a year earlier and the highest since January 1997.
"The increases in exports were in industrial supplies and materials (primarily nonmonetary gold); capital goods; and consumer goods" in November, the Commerce Department said. "The largest increases in imports were in automotive vehicles, parts, and engines (primarily passengers cars); capital goods; and consumer goods."
Following are some key figures:
U.S. GOODS AND SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted
Trade
balance Exports Imports
Jan.-Dec. 1997 -104,731 938,543 1,043,273
Jan.-Dec. 1998 -164,282 933,907 1,098,189
Jan.-Nov. 1998 -150,044 855,747 1,005,791
Jan.-Nov. 1999 -244,567 874,652 1,119,219
November 1998 -14,664 79,126 93,789
November 1999 -26,502 82,891 109,394
U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted
Trade
balance Exports Imports
Jan.-Dec. 1997 -196,652 679,715 876,366
Jan.-Dec. 1998 -246,932 670,246 917,178
Jan.-Nov. 1998 -225,873 614,241 840,114
Jan.-Nov. 1999 -314,639 622,587 937,226
November 1998 -21,539 56,926 78,464
November 1999 -32,444 59,543 91,988
U.S. SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted
Trade
balance Exports Imports
Jan.-Dec. 1997 91,921 258,828 166,907
Jan.-Dec. 1998 82,650 263,661 181,011
Jan.-Nov. 1998 75,829 241,506 165,677
Jan.-Nov. 1999 70,072 252,065 181,993
November 1998 6,875 22,200 15,325
November 1999 5,942 23,348 17,406
U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE, BY COUNTRY
Millions of dollars, on a Census basis, not seasonally adjusted
Bilateral November November
balance exports imports
Total -32,661 61,194 93,855
North America -4,953 23,162 28,115
Canada -3,251 14,875 18,126
Mexico -1,702 8,287 9,989
Western Europe -5,530 14,434 19,964
Euro Area -4,389 9,177 13,566
European Union -5,318 12,897 18,215
Austria -29 212 241
Belgium 255 1,019 764
Finland -117 133 250
France -946 1,393 2,338
Germany -3,009 2,225 5,235
Italy -1,161 837 1,998
Netherlands 941 1,781 840
Spain 327 782 455
Sweden -412 385 797
United Kingdom -427 3,153 3,580
Other EU -740 977 1,717
European Free Trade
Association -284 1,139 1,423
Norway -389 118 507
Switzerland 130 1,004 874
Other EFTA -25 17 42
Other Western Eur. 72 399 326
Eastern Europe, Former
Soviet Reps. -659 406 1,065
Hungary -125 51 177
Poland 19 92 73
Former Sov. Reps. -482 201 683
Russia -436 107 543
Other FSR -46 94 140
Other Eastern Europe -71 61 132
Pacific Rim -17,446 14,980 32,426
Australia 810 1,253 444
China -6,491 1,041 7,532
Japan -6,367 5,189 11,556
Newly Industrialized
Countries -3,018 5,717 8,735
Hong Kong 151 1,073 923
South Korea -1,224 1,833 3,057
Singapore -327 1,262 1,588
Taiwan -1,618 1,549 3,167
Other Pacific Rim -2,380 1,780 4,160
South/Central America -625 4,785 5,410
Argentina 181 411 230
Brazil 236 1,214 977
Colombia -286 298 584
Other S/C America -756 2,862 3,618
OPEC -2,806 1,501 4,307
Indonesia -646 184 830
Nigeria -398 35 433
Saudi Arabia -457 417 875
Venezuela -807 397 1,204
Other OPEC -497 468 965
Other countries -2,218 2,384 4,602
Egypt 164 214 50
South Africa -2 227 229
Other -2,380 1,943 4,323
NOTE: Data on a Census basis reflect movement of goods into and out of the United States through U.S. Customs Service stations. Balance-of-payments basis data adjust Census data to include products that bypass Customs, such as exports of military aircraft and imports of electricity from Canada.
(The Washington File is a product of the Office of International Information Programs, U.S. Department of State.)
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