US Trade Gap Below Forecasts

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The US trade gap narrowed to $63.2 billion in November 2023 from $64.5 billion in October and below forecasts of a $65 billion gap. It reflected a decrease in the goods deficit of $0.6 billion to $89.4 billion and an increase in the services surplus of $0.7 billion to $26.2 billion. Total exports were down 1.9% to $253.7 billion, prompted by a fall in sales of nonmonetary gold, crude oil, organic chemicals, autos and parts, and artwork and other collectibles while shipments increased for travel, transport and government goods and services. Meanwhile, total imports also fell 1.9% to $316.9 billion, due to purchases of cell phones and other household goods, pharmaceutical preparations, organic chemicals, drilling and oilfield equipment and transport while imports increased for crude oil and travel. The deficit decreased with China (by $2.4 billion to $21.5 billion) and the European Union (by $3.5 billion to $15.6 billion), but increased with Switzerland (by $2 billion to $2.3 billion).

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