Trade Deficit Rises Despite Record Exports

The monthly U.S. trade deficit in goods and services rose 6.3 percent in November after a nearly 12 percent drop in October. According to the Census Bureau, November saw all-time highs for total exports as well as imports and exports of services.

Imports were up 3.4 percent, to $351.6 billion, from October to November. Imports of goods rose 4.3 percent to $280.9 billion, with increases of $1.2 billion for semiconductors, $1.1 billion each for civilian aircraft and passenger cars, and $1.0 billion each for crude oil and non-monetary gold. Services imports edged up to $70.6 billion.

Exports increased 2.7 percent in November to $273.4 billion. Exports of goods jumped 3.6 percent to $177.6 billion, with increases of $800 million each for passenger cars and pharmaceutical preparations, $700 million for crude oil, and $600 million for plastic materials. Services exports were up 0.9 percent to $95.8 billion.

The monthly U.S. trade deficit rose from $73.6 billion in October to $78.2 billion in November. The deficit in goods trade was up 5.5 percent to $103.4 billion while the services trade surplus rose 3.7 percent to $25.2 billion.