· Imports rose 2.6% in part due to a rise in crude oil prices to $72.54 per barrel which was the highest level since October of 2008. Overall, however, the gain in petroleum imports was held back by a 4.6% m/m decline (-8.2% y/y) in the quantity of energy-related products. U.S. economic recovery continued to be apparent in a 1.5% increase (-6.3% y/y) in real nonoil imports which was the fifth increase in six months. Real non-auto capital goods imports jumped 3.5% (-13.0% y/y) after a 2.8% September rise. Real nonauto consumer goods imports surged 3.7% and by 12.5% since June. These are turnarounds from earlier sharp declines. Real automotive vehicles & parts imports, however, slipped 0.4% (-0.1% y/y) but they were up by one-half since the spring. Real capital goods imports also have been strong and rose 3.6% for the fourth increase in five months. They have risen 14.5% since June. Finally, services imports rose a modest 0.3% (-4.0% y/y) for the fifth increase in six months. U.S. travels abroad were discouraged by the lower dollar. Travel imports slipped 0.9% (-7.1% y/y and passenger fares rose 1.5% (-25.6% y/y).

· Reflecting the competitive value of the dollar, nominal exports rose 0.9% m/m and by 13.6% from the April low. Adjusted for price inflation, however, the gain is more impressive. Though real merchandise exports slipped 0.6% during November (-4.4% y/y), they have risen 13.9% since April. Offsetting a 5.4% decline (-2.3% y/y) decline in real non-auto consumer goods exports was a 9.0% rise in auto exports (-6.1% y/y) and a 0.4% uptick (-7.6% y/y) uptick in real capital goods exports. Exports of services ticked up 0.2% (-0.8% y/y) following earlier strong monthly gains. 

· By country, the trade deficit with mainland China lessened to $20.2B, its least since June, as exports rose 41.4% y/y and imports fell 2.5%. With Japan, the trade deficit deteriorated to $5.4B from 5.1B one year earlier as exports fell 16.3% while imports fell just 4.4%. With the European Union, the trade deficit deteriorated to $6.4B as exports declined 9.4% y/y and imports fell a lesser 5.3%.  

· The international trade data can be found in Haver's USECON database. Detailed figures are available in the USINT database.

· The Determinants of International Flows of U.S. Currency from the Federal Reserve Bank of New York can be found here.

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