By Ruth Mantell, MarketWatch
WASHINGTON (MarketWatch) — The U.S. trade deficit widened sharply in November to the highest point since April, the government said Friday.
The U.S. Department of Commerce said the trade gap widened 15.8% to $48.7 billion in November.
Imports rose 3.8% to $231.3 billion, the highest level since April, while exports increased 1% to $182.6 billion. Government analysts revised the deficit in October to $42.1 billion.
“The November data on the trade deficit and import prices supports our view that the economy downshifted from third to first gear in the fourth quarter,” said Steven Ricchiuto, chief economist of Mizuho Securities USA.
Economists surveyed by MarketWatch had expected the trade deficit to narrow to $41.3 billion in November from a prior October estimate of $42.2 billion, but noted that monthly results could be skewed by recent longshoreman strikes. See economic calendar.
On an unadjusted basis, U.S. trade deficits widened with Canada and the European Union, but narrowed with the oil-producing OPEC nations.
The deficit slightly narrowed with China.
The trade deficit for petroleum goods narrowed to $23.5 billion in November from $24.6 billion in October. Meanwhile, the deficit for nonpetroleum goods widened to $41.5 billion from $33.8 billion.
Ruth Mantell is a MarketWatch reporter based in Washington. Follow her on Twitter @RuthMantell.
