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. Goods exports declined 2.1 percent over the month, or $3.3 billion, to $154.7 billion, while imports rose by 4.7 percent, or $11.3 billion, to $252.4 billion. The figures put the United States on track for its largest-ever annual trade deficit in goods and services, which set a record in 2006. Since trade deficits subtract from economic output in GDP calculations, the figures suggest a softer print is …
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