2023 Trade Deficit Down 18.4% YOY on Reduced Imports

Washington, DC, January 9, 2024-The goods and services deficit was $63.2 billion in November, down $1.3 billion from $64.5 billion in October, revised, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced.

November exports were $253.7 billion, $4.8 billion less than October exports. November imports were $316.9 billion, $6.1 billion less than October imports.

The November decrease in the goods and services deficit reflected a decrease in the goods deficit of $0.6 billion to $89.4 billion and an increase in the services surplus of $0.7 billion to $26.2 billion.

Year-to-date, the goods and services deficit decreased $161.8 billion, or 18.4%, from the same period in 2022. Exports increased $28.8 billion or 1.0%. Imports decreased $133.0 billion or 3.6%.