Trade gap hit $48.7 billion in November | Redux

Trade gap hit $48.7 billion in November

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WASHINGTON The U.S. trade deficit expanded in November to its widest point in seven months, driven by a surge in imports that outpaced only modest growth in exports. The Commerce Department said Friday that the trade gap widened 15. 8 percent to $48. 7 billion in November from October. Imports grew 3. 8 percent to $231. 3 billion, led by gains in shipments of cell phones, including Apple's new iPhone. Exports increased only 1 percent to $182. 6 billion. And exports to Europe fell 1. 3 percent, further evidence of the prolonged debt crisis that has gripped the region. A wider trade deficit acts as a drag on U.S. growth. It typically means the U.S. is earning less on overseas sales while spending more on foreign products. Faster growth in exports helped the U.S. economy grow from July through September at an annual rate of 3. 1 percent.

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percent trade deficit growth U.S. trade deficit imports annual rate exports

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FieldTerminology: Oil imports

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Trade gap hit $48.7 billion in November

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Expands to its widest point in seven months, driven by a surge in imports that outpaced only modest growth in exports

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• Commerce Department
• trade deficit
• trade gap

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