US trade deficit widens in November on record goods imports

US trade deficit widens in November on record goods imports

WASHINGTON (Reuters) – The US trade deficit widened strongly in November as goods imports hit record highs, suggesting trade likely continued to weigh on economic growth in the fourth quarter.

The Commerce Department said Thursday that the trade deficit widened 19.4% to $80.2 billion in November. Economists consulted by Reuters projected a negative balance of 77.1 billion.

Goods imports rose 5.1% to a record high of $254.9 billion as port congestion eased. Total imports, including services, increased 4.6% to $304.4 billion.

On the other hand, exports of goods declined 1.8% to $155.9 billion. Overall exports rose 0.2% to $224.2 billion in November.

The trade deficit has hit GDP growth for five consecutive quarters. Economic expansion is projected to reach 7.4% at an annualized rate in the fourth quarter. Growth was 2.3% in the third quarter.

(Reportagem di Lucia Muticani)

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About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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