US NOV TRADE DEFICIT ANOTHER RECORD -$26.5B, IMPORTS +$1.5 B
--Imports +$1.5B; Autos +$0.5B, Computer-related +$0.6B --Exports +$0.6B: Nonmonetary Gold +$0.6B, Small Offsets Elsewhere --Asia:China Gap -$6.5b, Japan -$6.4b, NICs -$3.0b;Germany record -$3.0b
By Joseph Plocek
Washington (MktNews) - The U.S. November trade deficit came in at $26.5 billion, yet another record, compared with a revised $25.6 billion in October as a wide variety of imported foreign goods continued to fill domestic demand.
The November result will cut into U.S. GDP growth in 4Q. The October-November average trade gap is -$26 billion, versus -$24.5 billion on average in 3Q, showing a bigger subtraction from growth. The November trade gap was also wider than the -$26 billion median estimate in a Market News International poll of economists.
Imports from the NICs, Western Europe, and Canada set records in November. Imports were up $1.5 billion, due to autos advancing $0.5 billion and computer-related items rising $0.6 billion (includes telecommunications, computer and semi-conductor categories). Other consumer categories were up also. Total imports of $91.1 billion were a record.
Exports gained $0.6 billion, with almost the entire gain due to nonmonetary gold. The latter could be for industrial or financial use the Commerce Department said.
The Asia region continues to be a problem. The November trade gap with Japan was $6.4 billion NSA, compared with -$7.2 billion in October. The gap with China was -$6.5 billion versus -$7.2 billion. The gap with the Newly Indistrialized Countries was -$3.0 billion, up from -$2.2 billion in October.
A new wrinkle in November was the rising trade imbalance with Europe. The $3 billion November trade gap with Germany was a record, as imports surged after the start of the new auto model year. The trade gap with Germany was just $2.3 billion in October. |
