US trade deficit expands by more than 6% in November 2024

The US trade deficit widened in November 2024 amid a faster increase in the goods trade deficit compared to the services trade surplus.

According to data from the US Census Bureau released today, Jan. 29, the total trade deficit for goods and services rose by 6.2% month-on-month (MoM), or $4.6 billion, reaching $78.2 billion in November 2024.

This increase was due to a $5.4 billion rise in the goods trade deficit, which reached $103.4 billion in November 2024, while the services trade surplus grew by about $0.9 billion to $25.2 billion for the same month.

For the first eleven months of 2024, the US trade deficit soared by $93.9 billion, or 13%, compared to a year earlier.

US exports during this month grew by $111.5 billion, or 4%, while imports grew by $205.3 billion, or 5.8%.