WASHINGTON – The U.S. trade deficit expanded in November to $36.4 billion, exceeding analysts’ estimates, as exports reached their highest level in a year, the Commerce Department reported today.
U.S. November imports of goods and services increased 2.6% to $174.6 billion, the highest level since December 2008. Exports, increasing for the seventh consecutive month, rose 0.9% to $138.2 billion, the highest level since November 2008.
The 9.7% increase in the trade deficit was the largest since September. October’s trade deficit was revised to $33.2 billion from $32.9 billion initially reported.
Economists expected the November trade deficit to widen to $34.5 billion, according to the median estimate from Thomson Reuters.
For the second month in a row, the U.S. delivered a record dollar amount of goods and services to China. November exports to China increased to $7.3 billion from $6.9 billion in October. China reported yesterday that its December imports grew 56% from the previous month. China’s December exports grew on a year-over-year basis for the first time in 13 months.
U.S. oil imports fell for the month amid a supply glut, though oil prices rose. November crude oil imports were 245 million barrels, the lowest since February 1999. The average price per barrel of crude oil was $72.54, the highest since October 2008.
