US goods trade deficit hits a record in November
Add BT as a preferred source
[WASHINGTON] The US trade deficit in goods mushroomed to a record in November as imports surged and exports slipped.
The goods trade deficit widened last month by 17.5 per cent to US$97.8 billion from US$83.2 billion in October, the Commerce Department said on Wednesday (Dec 29). That exceeds the previous record deficit set in September of US$97 billion.
Goods exports declined 2.1 per cent, while imports rose by 4.7 per cent.
The report also showed wholesale inventories climbed 1.2 per cent last month.
Retail inventories increased 2.0 per cent.
Retail inventories, excluding autos, which go into the calculation of gross domestic product, edged up by 1.3 per cent The economy grew at a 2.3 per cent annualised rate in the third quarter, a step-down from earlier in the year but activity has rebounded in the fourth quarter.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Trade has been a drag on gross domestic product growth for 5 straight quarters, while inventories added to output in the third quarter.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
