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November trade data this morning shows that total trade (imports & exports) increased $18.7 billion to $624.9 billion, which is a new record high. Total imports increased +3.4%, or $11.6 billion, while total exports increased +2.6%, or $7 billion.

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Total trade jumped +8.2% higher over the last 12 months, an improvement from +3.5% year over year growth ending in the month of October.

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The monthly trade deficit increased to -$78.2 billion, as exports increased more than imports.

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Total exports increased +2.6% to $273.3 billion (a record high) while total imports grew +3.4% to $351.6 billion, which is still slightly below the previous record high in September of $353.8 billion.

Breaking down the November data via individual trade partners yields the following results:

Total trade partner:

1. Mexico $72 billion
2. Canada $64 billion
3. China $46.8 billion

Exports:

1. Canada $29.5 billion
2. Mexico $28.2 billion
3. China $10.7 billion

Imports:

1. Mexico $43.6 billion
2. China $36 billion
3. Canada $34.4 billion

Trade deficit:

1. China -$25 billion
2. Mexico -$15 billion
3. Vietnam -$11.3 billion

Total trade for November increased for Mexico and Canada, while imports and exports to China continue to decrease, falling another 2% in total trade for the month. Since COVID, China has fallen from #1 to #3 in total trade. The next closest trading partner (#4) is Germany, at $19.7 billion.

Total trade is a good sign of economic growth. However this data operates on such as lag, that its not considered actionable data. Though it does confirm strength/weakness in the economy.

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