US trade deficit nearly doubles in November as imports surge, exports slide

The US trade deficit widened in November from the lowest level since 2009 as imports rebounded and exports fell, highlighting wide monthly swings in response to the Trump administration’s vacillations on tariffs.

The goods and services trade gap nearly doubled from the prior month to $56.8 billion, Commerce Department data showed Thursday. The 94.6% widening was the largest since 1992, while the shortfall for the month exceeded all projections in a Bloomberg survey of economists.

The trade data have been prone to volatility related to the implementation of US trade policy. In recent months, there’s been a surge in trade of non-monetary gold and pharmaceutical preparations in response to President Donald Trump’s tariff announcements.

That was the case again in November, with a surge in inbound shipments of pharmaceuticals and a slide in gold exports. Overall imports increased 5%, also boosted by capital goods, such as computers and semiconductors.

The value of all US goods and services exports fell 3.6% in November. The figures aren’t adjusted for inflation.

Despite the widening in November, the trade deficit remains generally smaller than in recent years. A narrower gap is a key priority of the Trump administration.

Still, “there has been little indication yet of a large onshoring of manufacturing operations in the wake of tariffs, which suggests import growth will likely recover somewhat this year as businesses rebuild some inventory to meet demand,” Wells Fargo & Co. economists Shannon Grein and Tim Quinlan said in a note.

The latest trade data will help economists firm up their estimates for fourth-quarter gross domestic product. After the figures, the Federal Reserve Bank of Atlanta’s GDPNow forecast net exports would add 0.65 percentage point to fourth-quarter growth, now estimated at 4.2%.

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On an inflation-adjusted basis, which filters into the real GDP measurement, the merchandise trade deficit widened to $87.1 billion in November, the largest in four months. Trade in gold, unless used for industrial purposes such as in the production of jewelry, is excluded from the government’s GDP calculation.

The deficits with China and Canada widened in the latest month, while the shortfall with Mexico narrowed slightly.

The Commerce Department’s trade report was delayed because of the federal government shutdown last year.

Separate data out on Thursday showed little change in initial applications for unemployment benefits last week. Continuing claims slipped in the previous week to the lowest since September 2024.