The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $56.8 billion in November, up $27.6 billion from $29.2 billion in October, revised.
| Deficit: | $56.8 Billion | +94.6%° |
| Exports: | $292.1 Billion | –3.6%° |
| Imports: | $348.9 Billion | +5.0%° |
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Next release: Thursday, February 19, 2026 (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, January 29, 2026 |
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Exports, Imports, and Balance (exhibit 1)
November exports were $292.1 billion, $10.9 billion less than October exports. November imports were $348.9 billion, $16.8 billion more than October imports.
The November increase in the goods and services deficit reflected an increase in the goods deficit of $27.9 billion to $86.9 billion and an increase in the services surplus of $0.3 billion to $30.1 billion.
Year-to-date, the goods and services deficit increased $32.9 billion, or 4.1 percent, from the same period in 2024. Exports increased $185.7 billion or 6.3 percent. Imports increased $218.6 billion or 5.8 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $0.4 billion to $44.7 billion for the three months ending in November.
- Average exports increased $2.7 billion to $296.4 billion in November.
- Average imports increased $3.1 billion to $341.1 billion in November.
Year-over-year, the average goods and services deficit decreased $33.8 billion from the three months ending in November 2024.
- Average exports increased $23.4 billion from November 2024.
- Average imports decreased $10.4 billion from November 2024.
Exports (exhibits 3, 6, and 7)
Exports of goods decreased $11.1 billion to $185.6 billion in November.
Exports of goods on a Census basis decreased $11.1 billion.
- Industrial supplies and materials decreased $6.1 billion.
- Nonmonetary gold decreased $4.2 billion.
- Other precious metals decreased $2.6 billion.
- Crude oil decreased $1.4 billion.
- Consumer goods decreased $3.1 billion.
- Pharmaceutical preparations decreased $2.9 billion.
- Other goods decreased $1.3 billion.
Net balance of payments adjustments decreased less than $0.1 billion.
Exports of services increased $0.2 billion to $106.4 billion in November.
- Travel increased $0.2 billion.
- Charges for the use of intellectual property increased $0.1 billion.
- Other business services increased $0.1 billion.
- Government goods and services decreased $0.2 billion.
- Financial services decreased $0.2 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods increased $16.8 billion to $272.5 billion in November.
Imports of goods on a Census basis increased $16.5 billion.
- Consumer goods increased $9.2 billion.
- Pharmaceutical preparations increased $6.7 billion.
- Capital goods increased $7.4 billion.
- Computers increased $6.6 billion.
- Semiconductors increased $2.0 billion.
- Computer accessories decreased $3.0 billion.
- Other goods increased $1.9 billion.
- Industrial supplies and materials decreased $2.4 billion.
Net balance of payments adjustments increased $0.3 billion.
Imports of services decreased $0.1 billion to $76.3 billion in November.
- Travel decreased $0.2 billion.
- Other business services increased $0.1 billion.
Real Goods in 2017 Dollars – Census Basis (exhibit 11)
The real goods deficit increased $23.5 billion, or 36.9 percent, to $87.1 billion in November, compared to a 47.3 percent increase in the nominal deficit.
- Real exports of goods decreased $9.5 billion, or 6.0 percent, to $148.6 billion, compared to a 5.7 percent decrease in nominal exports.
- Real imports of goods increased $13.9 billion, or 6.3 percent, to $235.7 billion, compared to a 6.5 percent increase in nominal imports.
Revisions
Revisions to October exports
- Exports of goods were revised up $0.9 billion.
- Exports of services were revised up less than $0.1 billion.
Revisions to October imports
- Imports of goods were revised up $0.7 billion.
- Imports of services were revised up $0.1 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The November figures show surpluses, in billions of dollars, with Switzerland ($7.8), Netherlands ($5.6), South and Central America ($5.1), United Kingdom ($4.2), Hong Kong ($2.2), Brazil ($2.1), Australia ($1.2), Belgium ($1.2), and Saudi Arabia ($0.4). Deficits were recorded, in billions of dollars, with Mexico ($17.8), Vietnam ($16.2), Taiwan ($15.6), China ($14.7), European Union ($14.5), Germany ($7.4), Japan ($4.7), India ($4.4), South Korea ($3.7), France ($3.6), Canada ($3.5), Ireland ($3.0), Italy ($3.0), Malaysia ($3.0), Singapore ($1.1), and Israel ($0.6).
- The deficit with the European Union increased $8.2 billion to $14.5 billion in November. Exports decreased $0.4 billion to $34.3 billion and imports increased $7.7 billion to $48.8 billion.
- The balance with Singapore shifted from a surplus of $1.8 billion in October to a deficit of $1.1 billion in November. Exports decreased $0.1 billion to $3.7 billion and imports increased $2.8 billion to $4.8 billion.
- The surplus with Switzerland increased $0.6 billion to $7.8 billion in November. Exports increased $0.6 billion to $11.3 billion and imports increased less than $0.1 billion to $3.5 billion.
All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.
Next release: February 19, 2026, at 8:30 a.m. EST
U.S. International Trade in Goods and Services, December and Annual 2025
Notice
Updates to the Release Schedule
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis are working to update our respective schedules of economic releases, which were affected by the government shutdown. We are consulting with data suppliers to determine the availability of data used to produce our economic indicators. We will publish updated release dates as soon as they are available at www.census.gov/foreign-trade/schedule.html and www.bea.gov/news/schedule.
