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U.S. goods trade deficit hits a record in November -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Shipping containers are stack at Boston’s Paul W. Conley Container Terminal, Massachusetts. REUTERS/Brian Snyder

(Reuters) – The U.S. trade deficit for goods grew to a new record in November, as imports soared and exports fell.

Commerce Department on Wednesday reported that last month’s goods trade deficit rose 17.5% from October’s $83.2 billion to $97.8 trillion. It surpasses September’s record deficit of $97billion.

Exports of goods fell 2.1% while imports rose 4.7%

Also, wholesale inventories increased 1.2% in the last month according to the report.

2.0% increase in retail inventory

Gross domestic product was 1.3% higher because retail inventories were not included, but autos are added to the equation.

Although the economy experienced a decline in activity in the last quarter of the year, it grew by 2.3% annually.

For five consecutive quarters, trade has been a major drag on growth in gross domestic product. In the third quarter, inventories impacted output.

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