*EPF505 01/19/01
U.S. Trade Deficit Improves Slightly in November
(U.S. imports of oil, autos and computers decline) (840)
By Merle D. Kellerhals, Jr.
Washington File Staff Writer

Washington -- The U.S. trade deficit narrowed in November as demand for imported oil, automobiles and computers declined, marking the second consecutive monthly decrease since the deficit reached an all-time high in September, the U.S. Commerce Department reports.

The Commerce Department reported January 19 that the November deficit of $32,994 million was 1.7 percent below the revised October deficit of $33,552 million. The trade deficit in November, however, was 28.32 percent higher than the November 1999 deficit of $25,712 million.

The January-to-November 2000 trade deficit of $335,887 million was 40.35 percent higher than the $239,317 million trade deficit for the same 11-month period in 1999, the report said.

Bilateral trade deficits were led by China, $7,604 million; Japan, $6,750 million; Western Europe, $5,515 million; Canada, $4,699 million; the Organization of Petroleum Exporting Countries (OPEC), $3,812 million; and Mexico $1,993 million.

The November trade balance comprised a $39,001 million deficit in goods and a $6,007 million surplus in services trade.

U.S. exports fell 0.8 percent in November to $90,355 million, the third consecutive monthly decrease, from $91,128 million in October with the largest declines in the sales of computer products, automobiles, and farm products -- which included soybeans and corn.

U.S. imports fell 1.06 percent in November to $123,349 million, the second consecutive monthly decline, from $124,680 million in October. The largest import declines occurred in oil, automobiles and auto products and parts, and capital goods such as telecommunications equipment, computers and industrial machinery.

Advanced technology products exports were $19,600 million in November and imports were $20,300 million, creating a deficit of $800 million.

U.S. imports of crude oil declined by volume to an average 8.47 million barrels a day in November, the lowest level since January 2000, while the price per barrel declined to $28.40, down from October's price of $28.62.

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. 1998 -166,897 932,977 1,099,875
Jan.-Dec. 1999 -264,971 956,242 1,221,213

Jan.-Nov. 1999 -239,317 872,133 1,111,450
Jan.-Nov. 2000 -335,887 978,606 1,314,493

November 1999 -25,712 83,198 108,909
November 2000 -32,994 90,355 123,349

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. 1998 -246,853 670,324 917,178
Jan.-Dec. 1999 -345,559 684,358 1,029,917

Jan.-Nov. 1999 -313,304 623,147 936,451
Jan.-Nov. 2000 -409,493 708,432 1,117,925

November 1999 -32,401 59,682 92,082
November 2000 -39,001 65,670 104,671

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. 1998 79,956 262,653 182,697
Jan.-Dec. 1999 80,588 271,884 191,296

Jan.-Nov. 1999 73,987 248,986 174,999
Jan.-Nov. 2000 73,606 270,174 196,568

November 1999 6,689 23,516 16,827
November 2000 6,007 24,685 18,678

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 -38,167 67,716 105,882

North America -6,692 24,908 31,600
Canada -4,699 14,957 19,656
Mexico -1,993 9,951 11,944

Western Europe -5,515 15,940 21,455
Euro Area -4,315 10,260 14,575
European Union -5,278 14,474 19,752
Austria -5 287 292
Belgium 473 1,375 902
Finland -122 144 266
France -947 1,815 2,762
Germany -2,489 2,473 4,962
Italy -1,280 858 2,138
Netherlands 1,164 2,017 854
Spain -28 469 497
Sweden -613 305 917
United Kingdom -245 3,701 3,946
Other EU -1,186 1,029 2,215

European Free Trade
Association -336 1,027 1,364
Norway -234 200 434
Switzerland -75 813 888
Other EFTA -27 15 42
Other Western Eur. 99 439 339

Eastern Europe, Former
Soviet Reps. -888 488 1,377
Hungary -194 55 249
Poland -48 71 119
Former Sov. Reps. -580 261 841
Russia -489 170 659
Other FSR -91 91 182
Other Eastern Europe -67 101 168

Pacific Rim -19,419 17,220 36,639
Australia 396 978 582
China -7,604 1,466 9,070
Japan -6,750 5,793 12,543
Newly Industrialized
Countries -3,024 6,857 9,880
Hong Kong 418 1,314 896
South Korea -1,540 2,250 3,791
Singapore -249 1,540 1,789
Taiwan -1,653 1,752 3,405
Other Pacific Rim -2,438 2,127 4,564

South/Central America-1,070 5,225 6,295
Argentina 201 451 250
Brazil 262 1,317 1,055
Colombia -299 317 616
Other S/C America -1,234 3,141 4,375

OPEC -3,812 1,667 5,479
Indonesia -693 188 882
Nigeria -781 77 858
Saudi Arabia -393 658 1,051
Venezuela -1,275 435 1,711
Other OPEC -669 308 978

Other countries -2,809 2,821 5,629
Egypt 146 225 80
South Africa -83 294 377
Other -2,872 2,301 5,173

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. Website: http://usinfo.state.gov)
NNNN