U.S. monthly international trade deficit decreases in November 2023 from October 2023 deficit

[mahatmakanejeeves]

January 09, 2024

U.S. International Trade in Goods and Services, November 2023

The U.S. monthly international trade deficit decreased in November 2023 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $64.5 billion in October (revised) to $63.2 billion in November, as imports decreased more than exports. The goods deficit decreased $0.6 billion in November to $89.4 billion. The services surplus increased $0.7 billion in November to $26.2 billion.

[Barry Markson]

1. There's a huge increase in one major commodity

Might have an impact on the trade deficit.

Clifford Krauss, The New York Times:

Really, the story begins about 15 years ago with fracking, right, where, suddenly, the United States became a production powerhouse. And it's had its ups and downs, but, in the last year or so, there has been almost an unprecedented increase in production, actually the most since 2014.

And so at this point, the United States, as you mentioned, is producing about 13.5 million barrels a day, and we're heading towards 14 million barrels a day. That is more oil than any country in the world. That is a record for the United States, and it may well be the record for any country in the world.

And we are now, after Saudi Arabia, the biggest — we are we're exporting more oil than any member of OPEC, save Saudi Arabia.

https://www.pbs.org/newshour/show/how-u-s-oil-production-reached-an-all-time-high-in-2023#:~:text=And%20so%20at%20this%20point,any%20country%20in%20the%20world.

[mahatmakanejeeves]

2. Thanks. Welcome to DU. And good morning. NT (no text in the "Reply text" box)

[marble falls]

3. Actually ...

Both the US and Russia out produce Saudi, the US by a significant amount, though Saudi is the largest exporting country due to small demand from a small population:

1. United States 12,900,000[8]
2. Russia 9,480,000[9]
3. Saudi Arabia (OPEC) 9,060,000[9]

https://en.wikipedia.org/wiki/List_of_countries_by_oil_production

US producers and refiners LOVE it when oil prices are high as when Saudi Arabia and Russia cut production in an effort to raise prices. They pump less and we pump as much as we can.