US Imports Drop From 8-Month High

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Imports into the United States decreased by $6.1 billion compared to the previous month to $316.9 billion in November 2023, a drop from October’s eight-month high, driven by a $6.0 billion decrease in goods purchases. Among these, consumer goods imports fell by $4.1 billion, primarily attributed to reduced imports of cell phones, other household goods, and pharmaceutical preparations. Additionally, purchases of industrial supplies and materials decreased by $0.8 billion due to reduced acquisitions of other petroleum products and organic chemicals. Capital goods imports also declined by $0.7 billion, attributed to reductions in drilling and oilfield equipment. Lastly, imports of services dropped by $0.1 billion, mainly due to a decrease in the transport sector.

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