A huge jump in imports raises the US trade deficit to record levels
The size of the US trade deficit widened last November, reflecting the largest jump in imports since March 2022. Companies closed deals and expedited shipments ahead of a possible strike by dock workers and in anticipation of possible tariffs by the new US administration headed by Donald Trump.
Data from the US Department of Commerce on Tuesday showed that the gap in trade in goods and services grew by 6.2% from the previous month to 78.2 billion. Dollars.
The value of imports rose by 3.4% from the previous month to $351.6 billion, and exports rose by 2.7%, while the figures are not adjusted for inflation.
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The jump in imports was broad-based, including increases in consumer goods, capital equipment and automobiles, likely reflecting US companies’ preference to secure shipments ahead of tariffs. Potential.
Moreover, many hope to mitigate the disruptions caused by a possible strike by dock workers with a mid-January deadline to reach an agreement.
These numbers come in the wake of a decline in demand for foreign goods last October after companies redoubled their efforts to ensure they are well stocked before the holiday shopping season.
And still US manufacturers, as well as service providers, face challenges due to weak external economies and a strong dollar that risks keeping the trade gap wide this year.
On an inflation-adjusted basis, the trade deficit has widened Goods reached $96.5 billion last November.
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