The United States' trade deficit increased to $63.1 billion in November from $57.8 billion in October, on record-high oil imports, the Commerce Department announced Friday. November marked the largest deficit since September, 2006. Imports gained 3 percent to $205.4 billion. Two-thirds of the growth in the deficit was caused by the rise in petroleum. Buoyed by a decline in the value of the dollar, U.S. exports grew by 0.4 percent to $142.3 billion in November, the ninth consecutive month of growth. The strongest sectors included automobiles and auto parts, and refined energy products such as fuel oil. The deficit with China dropped to $24 billion from $25.9 billion in the prior month. In a separate announcement, China reported today that its overall trade surplus declined in December to $22.7 billion from $26.2 billion in November as exports grew at their slowest pace in two years.
Journal of Commerce
