A New Record High Trade Deficit In Goods

The Advance Trade Deficit in Goods would be a new record high if the estimate holds.

Advance Trade Deficit in Goods

The Commerce Department Advance Report shows the trade deficit widened by 5.5% in November.

  • The international trade deficit was $84.8 billion in November, up $4.4 billion from $80.4 billion in October. 
  • Exports of goods for November were $127.2 billion, $1.1 billion more than October exports. 
  • Imports of goods for November were $212.0 billion, $5.5 billion more than October imports.  

Series Record High

Goods Balance of Trade and Advance Goods Balance 2020-11

Trade deficits normally shrink in recessions but not this time. $84.8 billion, if it holds, would be a new record.

The Advance Report only covers goods. The US runs a surplus in services so the combined net will be lower. 

For discussion and the latest charts on the combined deficits, please see Not Even Recession Helped the US Trade Deficit.

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