Market Updates
U.S. Trade Deficit Expands In November, Service Surplus Jumps to Record High
Brian Turner
07 Jan, 2025
Washington, D.C.
U.S. international trade balance widened in November, after imports rose at a faster pace than exports as businesses ramped up purchases ahead of higher tariffs.
Total exports in November increased 6.6% to $273.4 billion from $256.5 billion, and imports advanced 9.3% to $351.5 billion from $321.2 billion, resulting in an 21% increase in the trade deficit to $78.2 billion from $64.5 billion a year ago, respectively.
Goods exports increased to $177.5 billion from $168.8 billion, and imports advanced to $280.9 billion from $257.2 billion, driving the goods deficit higher to $103.3 billion from $88.4 billion a year ago, respectively.
Service exports increased to $95.8 billion from $87.7 billion, and imports advanced to $70.6 billion from $64.7 billion, increasing the surplus to $25.2 billion from $23.5 billion a year ago, respectively.
The U.S. recorded the largest goods deficit in November with China, totaling $25.4 billion, followed by the European Union with $20.4 billion, Mexico with $15.4 billion, Vietnam with $11.3 billion, Ireland with $9.3 billion, and Taiwan and Japan over $5 billion.
The U.S. recorded the largest goods surplus with the Netherlands, totaling $5.4 billion; South and Central America had $3.6 billion; Australia and Hong Kong had $2 billion each.
Overall trade deficit in the first eleven months to November expanded to $813.8 billion from $719.9 billion, and goods deficit increased to $1.08 trillion from $974.8 billion offset by service surplus of $268.8 billion from $254.8 billion, a year ago, respectively.
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