US trade deficit widens by the most in nearly 34 years in November

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US trade deficit widens by the most in nearly 34 years in November

 Imports jumped 5.0% to $348.9 billion. Goods imports advanced 6.6% to $272.5 billion, with capital goods soaring $7.4 billion to a record high. They were boosted by strong gains in imports of computers and semiconductors. But imports of computer accessories decreased by $3.0 billion.

Exports tumbled 3.6% to $292.1 billion in November. Goods exports plunged 5.6% to $185.6 billion. They were pulled down by a decline of $6.1 billion in exports of industrial supplies and materials, reflecting decreases in non-monetary gold, other precious metals as well as crude oil, which dropped by $1.4 billion.

Consumer goods exports decreased $3.1 billion amid a decline in pharmaceutical preparations shipments.

The goods trade deficit widened 47.3% to $86.9 billion. Imports of services fell, while exports in that category were the highest on record. The deterioration in the trade deficit in November could temper economists' expectations that trade will deliver another large boost to gross domestic product in the fourth quarter.