The US Census Bureau and the US Bureau of Economic Analysis, through the US Department of Commerce, reported Friday that total November exports of $182.6 billion and imports of $231.3 billion resulted in a trade deficit of $48.7 billion, up 15.8 percent from $42.1 billion in October, revised. November exports were $1.7 billion more than October exports of $180.8 billion and November imports were $8.4 billion more than October imports of $222.9 billion.
The goods and services deficit decreased $0.1 billion from November 2011 to November 2012. Exports were up $5.8 billion, or 3.3 percent, and imports were up $5.7 billion, or 2.5 percent.
The International Trade Administration noted that US goods and services exports in the first 11 months of 2012 are up 4.5 percent or $86 billion from the same period in 2011 to reach $2 trillion. The US is also on track to exceed 2011's record export numbers of $2.1 trillion.
In Canada, merchandise imports rose 2.7 percent in November, while exports decreased 0.9 percent, according to a report from Statistics Canada. The trade deficit in Canada widened from $552 million in October to $2 billion in November.
Imports rose to $39.5 billion, as volumes increased 2.2 percent. Exports declined to $37.5 billion, as prices were down 1.3 percent. Exports to the United States grew 3.9 percent to $28.3 billion. Imports from the United States rose 1.7 percent to $25.0 billion, the third consecutive monthly increase. Consequently, Canada's trade surplus with the United States increased from $2.7 billion in October to $3.3 billion in November.
Exports to countries other than the United States fell 13.4 percent to $9.2 billion, the lowest level since September 2010. Imports rose 4.6 percent to $14.5 billion. As a result, Canada reached a record trade deficit with countries other than the United States, increasing from $3.2 billion in October to $5.3 billion in November.