The US trade deficit experienced a significant increase in November, moving up from its lowest point since 2009 as imports recovered and exports declined. This shift underscores the volatile monthly fluctuations influenced by the Trump administration’s changing tariff policies.
According to Commerce Department data, the goods and services trade gap almost doubled from the previous month, reaching $US56.8 billion ($80.1 billion). This 94.6 per cent increase represents the largest widening since 1992, exceeding all economist projections surveyed by Bloomberg. Trade data has been notably unstable due to the implementation of US trade policies, with recent months showing surges in non-monetary gold and pharmaceutical trade following President Trump’s tariff announcements.
November saw a similar pattern, with inbound pharmaceutical shipments rising and gold exports falling. Overall imports saw a 5 per cent increase, boosted by capital goods like computers and semiconductors. The value of all US goods and services exports fell by 3.6 per cent in November, with the figures unadjusted for inflation.
Despite this November widening, the overall trade deficit remains smaller than in recent years. Reducing the trade gap is a key objective of the Trump administration.
