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U.S. Trade Deficit Jumps to Highest Level in 14 Years
The Commerce Department reported on Thursday the U.S. trade deficit rose to $68.1 billion in November, which represents the highest monthly deficit in 14 years. The deficit rose $5 billion from the level it was in October, as imports outweighed a smaller increase in exports.
Imports of goods and services increased 2.9%, while exports rose just 1.2%. It is the largest monthly trade imbalance since August 2006.
The November increase in the goods and services deficit reflected an increase in the goods deficit of $5 billion to $86.4 billion and a decrease in the services surplus of less than $0.1 billion to $18.2 billion.
Year-to-date, the goods and services deficit increased $73.6 billion, or 13.9%, from the same period in 2019 and stands at $604.8 billion through the first 11 months of 2020. Exports decreased $372.3 billion or 16.1%. Imports decreased $298.7 billion or 10.5%.
The deficit with China rose 1.9% in November to $30.7 billion, bringing the total for the first 11 months of 2020 to $283.6 billion and representing a drop of 11.5% from the same period in 2019.
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*Photo credit Debbie Ann Powell Shutterstock
- ◦Economy
