US international trade deficit widens in November 2023

30 Dec '23

2 min read

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Insights

In November 2023, the US trade deficit increased slightly to $90.3 billion, with exports falling by $6.2 billion and imports decreasing by $5.5 billion.
The country's retail inventories dipped 0.1 per cent from October, but rose 5.1 per cent year-on-year to $794.9 billion.
Orders for durable goods increased by 5.4 per cent, reaching $295.4 billion.

The US' international trade deficit widened marginally in November 2023, according to the latest data released by the US Census Bureau. The deficit increased by $0.7 billion to $90.3 billion, up from $89.6 billion in October. This change reflects a decrease in exports alongside a slightly smaller decrease in imports. Specifically, exports of goods dropped to $165.1 billion, down $6.2 billion from October's figures. Meanwhile, imports of goods in November totalled $255.4 billion, which is $5.5 billion less than the imports recorded in October.

In the retail sector, inventories in November, adjusted for seasonal variations and trading day differences but not for price changes, were estimated at an end-of-month level of $794.9 billion. This represents a slight decrease of 0.1 per cent from October 2023. However, when compared to November 2022, there was a 5.1 per cent increase in retail inventories. Notably, the September to October 2023 per centage change in retail inventories was unrevised from the preliminary estimate, remaining at a decrease of 0.1 per cent, as per the bureau.

Additionally, new orders for manufactured durable goods in November 2023 showed a significant increase, continuing a trend of growth in two of the last three months. These orders surged by $15.1 billion, or 5.4 per cent, reaching $295.4 billion.

Fibre2Fashion News Desk (DP)

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