Deena Zaidi

Data and Financial Journalist

Line chart showing the U.S. monthly trade deficit in goods and services from January 2006 to November 2025 (seasonally adjusted). The deficit fluctuates mostly between about $40 billion and $60 billion through much of the 2010s, plunges sharply during the pandemic period around 2020, then becomes more volatile. An annotation notes that the deficit narrowed 39% in October 2025, followed by a sharp widening in November 2025 to $56.8 billion, as imports rose faster than exports.

U.S. trade deficit jumps 95% in November as imports outpace exports

Posted on Author Deena ZaidiPosted in Graphs, Graphs, Inflation, Markets, Trade and tariffs, United States of America, World Economy, World economy, World trade

In November 2025, the U.S. goods and services trade deficit nearly doubled compared with October — rising 95% from about $29.2 billion to $56.8 billion.

The tariff volatility is evident in the data released by the Commerce Department on Thursday, where imports to the U.S. rose faster than exports in November.

Early in Mr. Trump’s presidency, firms front-loaded imports to avoid tariffs, driving up imports and the trade deficit. After sweeping global tariffs were announced in April, shipments fell back. Pharmaceuticals and semiconductors also experienced sharp import swings as tariff announcements continued through the year.

Overall, exports of goods and services fell by about $10.9 billion from the previous month, while imports climbed by roughly $16.8 billion.

  • A widening trade gap can signal strong domestic demand (since the U.S. bought more foreign goods) but also raises questions about competitiveness and economic balance.
  • This jump is especially notable after a much smaller deficit was reported in October — reflecting a quick change in the U.S. trade picture and highlighting the level of volatility after tariff announcement.
  • Imports of goods increased $16.8 billion to $272.5 billion in November and for services, imports decreased $0.1 billion to $76.3 billion in November.
  • Exports of goods decreased $11.1 billion to $185.6 billion in November, whereas exports of services increased $0.2 billion to $106.4 billion in November.

A widening trade gap can signal strong domestic demand, as the U.S. buys more foreign goods, but it can also raise concerns about competitiveness and external balance.

The November surge is especially notable after October’s unusually small deficit, highlighting how quickly trade dynamics can shift amid tariff-driven uncertainty.