The U.S. trade deficit in goods rose sharply in November to a record high, as imports of merchandise mushroomed while exports fell.
The trade deficit in goods—which is the difference between imports and exports of products—surged by a whopping 17.5 percent over the month in November, hitting an all-time high of $97.8 billion after October’s deficit of $83.2 billion, the Commerce Department said in a Dec. 29 statement (pdf). The previous record was set in September when the trade gap climbed to $97 billion.
