(Bloomberg) — The US trade deficit widened in November, reflecting the biggest jump in imports since March 2022 as companies accelerated shipments ahead of a possible dockworkers’ strike and in anticipation of potential tariffs by the Trump administration.
Most Read from Bloomberg
The gap in goods and services trade grew 6.2% from the prior month to $78.2 billion, Commerce Department data showed Tuesday. The figure was in line with the median projection of economists in a Bloomberg survey.
The value of imports increased 3.4% from a month earlier to $351.6 billion. Exports rose 2.7%. The figures aren’t adjusted for inflation.
The jump in imports was broad, including increases in consumer goods, capital equipment and motor vehicles, likely reflecting a preference by US companies to secure shipments in advance of potential tariffs. Moreover, many are hoping to mitigate disruptions from a potential strike by dockworkers with a mid-January deadline to reach a deal.
The figures follow an October downshift in demand for foreign merchandise after companies doubled up efforts to ensure they were well-stocked ahead of holiday-shopping season.
Goods and services trade in the third quarter subtracted from gross domestic product, and the latest net exports figures suggest a similar impact is possible in the final three-month period of 2024.
US manufacturers, as well as service providers, remain challenged by weak overseas economies and a strong dollar that risk keeping the trade gap wide this year.
On an inflation-adjusted basis, the merchandise trade deficit widened to $96.5 billion in November.
Digging Deeper
-
Travel exports — or spending by visitors to the US — rose to a record $18.6 billion in November
-
Travel imports — a measure of Americans traveling abroad — also hit a fresh record
-
The US merchandise-trade deficit with China was little changed at a seasonally adjusted $25.4 billion
-
The goods shortfall with Mexico was also little changed from a month earlier, while the deficit with Canada widened
(Adds graphic)
Most Read from Bloomberg Businessweek
©2025 Bloomberg L.P.