U.S. Gross Domestic Product
U.S. Trade Deficit Increases 9.1%
January 11, 2008, 9:30 am ET
The U.S. trade deficit in November increased to $63.1 billion, or 9.1%, from the $57.8 billion revised amount for October, according to information released today by the U.S. Commerce Department. The deficit in manufactured goods increased to $72.7 billion while the services surplus increased to $9.6 billion.
Imports in goods rose $5.9 billion, or 3.5% from October, while exports in goods increased slightly by $0.1 billion, or less than 1%. The goods deficit was primarily driven by an increase in imports in industrial supplies and materials of which petroleum products are a major component.
The increase in export goods were due to slight increases in the areas of automotive vehicles and parts; foods, feeds and beverages; other goods; and industrial supplies and materials.
Meanwhile, the increase in the services surplus was mainly attributable to "transfers to under military sales contracts, other transportation, which includes freight and port services, and travel," according to the press release.
The average U.S. trade deficit is $59.3 billion for the three months ended in November 2007.
