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US trade deficit widens by the most in nearly 34 years in November

The U.S. trade deficit rose 94.6% to $56.8 billion in November due to a surge in capital goods imports and falling exports, marking the largest monthly increase in nearly 34 years.

  • Trade data for November showed the trade gap increased 94.6% to $56.8 billion, the largest monthly jump since March 1992, as reported by the U.S. Commerce Department's Bureau of Economic Analysis and the Census Bureau.
  • A surge in capital goods pushed overall imports up 5.0% to $348.9 billion and goods imports 6.6% to $272.5 billion, led by a $7.4 billion rise to a record high.
  • Exports weakened as total exports tumbled 3.6% to $292.1 billion and goods exports plunged 5.6% to $185.6 billion, pulled down by a $6.1 billion decline in industrial supplies and materials and a $1.4 billion drop in crude oil exports.
  • On a year-to-date basis, economists polled by Reuters forecast a $40.5 billion deficit while the year-to-date deficit stood at $839.5 billion, about 4% higher than 2024, prompting possible cuts to fourth-quarter GDP estimates.
  • Policy context shows about one-third of November's deficit rise came with the European Union, where the goods deficit rose $8.2 billion, while the goods deficit with China fell $1 billion after White House tariff policy and an August framework agreement at 15%.
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Reuters broke the news in United Kingdom on Thursday, January 29, 2026.
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