US Trade deficit expanded to $78.2 billion in November 2024, up from a revised $73.6 billion in October, aligning with market expectations. This widening gap reflects a surge in both imports and exports, driven by strong demand across various sectors. Despite record-high exports, the increase in imports outpaced export growth, leading to a larger trade deficit.

Imports See Biggest Gain Since March 2022

US imports jumped by 3.4% in November, reaching $351.6 billion — the highest monthly increase since March 2022. The growth was fueled by increased purchases of foods, feeds, and beverages, along with semiconductors, passenger cars, civilian aircraft, nonmonetary gold, and crude oil. This surge highlights robust domestic demand for essential goods, technology, and transportation-related products.

Exports Hit Record High Amid Strong Global Demand

Exports from the US rose by 2.7% to a record $273.4 billion in November, driven by strong sales across various sectors. Key contributors to this rise included petroleum products, passenger cars, pharmaceutical preparations, crude oil, plastic materials, and civilian aircraft engines. Trucks, buses, and special-purpose vehicles also saw significant export gains, reflecting a strong demand for US-made vehicles worldwide.

Read More: US Retail Sales Show Robust Growth in November 2024

Deficit with EU and Vietnam Grows, Little Change with China

$273.4 billion in November, driven by strong sales across various sectors. Key contributors to this rise included petroleum products, passenger cars, pharmaceutical preparations, crude oil, plastic materials, and civilian aircraft engines. Trucks, buses, and special-purpose vehicles also saw significant export gains, reflecting a strong demand for US-made vehicles worldwide.