The November trade deficit widened to $50.5 billion from a revised $48.9 billion deficit in October, first reported as a $48.7 billion shortfall, data released by the Commerce Department Friday morning showed.

Economists polled by IFR Markets expected a $48.1 billion deficit.

The November shortage was the highest since a $51 billion shortfall in January 2012.

The goods deficit widened to $70.9 billion from $69.2 billion

Imports and exports set record highs in November, as did chained goods exports and imports, which are inflation adjusted.

The November chained goods deficit widened to $66.7 billion from $65.6 billion in October.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.