US international trade balance for November $-78.2 billion versus $-78.0 billion estimate

• Prior month $-73.8 billion
• international trade balance for November $-78.2 billion versus $-73.8 billion last month. Vegas since September
• Goods trade balance for November $-103.5B versus preliminary $-102.8 billion. Prior month $-98.26 billion.
• November exports were $273.4 billion, $7.1 billion more than October exports.
• November imports were $351.6 billion, $11.6 billion more than October imports.
• The November increase in the goods and services deficit reflected an increase in the goods deficit of $5.4 billion to $103.4 billion and an increase in the services surplus of $0.9 billion to $25.2 billion.
• Year-to-date, the goods and services deficit increased $93.9 billion, or 13.0 percent, from the same period in 2023. Exports increased $111.5 billion or 4.0 percent. Imports increased $205.3 billion or 5.8 percent.

Looking at country by country figures:

• Surpluses in November (in billions):

  • Netherlands: $5.4
  • South and Central America: $3.6
  • Australia: $2.0
  • Hong Kong: $2.0
  • Belgium: $0.5
  • Saudi Arabia: $0.3
  • United Kingdom: $0.3
  • Brazil: $0.2

• Deficits in November (in billions):

  • China: $25.4
  • European Union: $20.5
  • Mexico: $15.4
  • Vietnam: $11.3
  • Ireland: $9.3
  • Germany: $6.9
  • Taiwan: $5.5
  • Japan: $5.3
  • South Korea: $5.1
  • Canada: $4.9
  • India: $3.9
  • Switzerland: $3.9
  • Italy: $2.9
  • Malaysia: $2.8
  • France: $2.3
  • Israel: $0.7
  • Singapore: $0.6

The right-to-left upswing in the trade deficit can be explained by front-running Trump tariffs and perhaps increases in imports from the port strikes as well. If so, the impact on the GBP would be needed as toys would likely increase balancing the deficit negativity.

This article was written by Greg Michalowski at www.forexlive.com.