business
Wednesday Dec 29 2021
By
Reuters

US goods trade deficit hits record in November

By
Reuters
Shipping containers, including one labelled China Shipping and another Italia, are stacked at the Paul W Conley Container Terminal in Boston, Massachusetts, US, May 9, 2018. — Reuters/File
Shipping containers, including one labelled "China Shipping" and another "Italia", are stacked at the Paul W Conley Container Terminal in Boston, Massachusetts, US, May 9, 2018. — Reuters/File

  • Goods trade deficit widened last month by 17.5% to $97.8 billion.
  • Goods exports declined 2.1%, while imports rose by 4.7%.
  • Wholesale inventories climbed 1.2%, retail inventories 2%.


The US trade deficit in goods mushroomed to a record in November as imports surged and exports slipped.

The goods trade deficit widened last month by 17.5% to $97.8 billion from $83.2 billion in October, the Commerce Department said on Wednesday. That exceeds the previous record deficit set in September of $97 billion.

Goods exports declined 2.1%, while imports rose by 4.7%. The report also showed wholesale inventories climbed 1.2% last month. Retail inventories increased 2.0%.

Retail inventories, excluding autos, which go into the calculation of gross domestic product, edged up by 1.3%

The economy grew at a 2.3% annualised rate in the third quarter, a step-down from earlier in the year but activity has rebounded in the fourth quarter.

Trade has been a drag on gross domestic product growth for five straight quarters, while inventories added to output in the third quarter.