U.S. Trade Deficit Rebounds Sharply After October’s 2009-Low Surprise

Key Points

• The U.S. trade deficit widened to $56.8 billion in November 2025, up from a revised $29.2 billion in October.
• Imports surged on pharmaceuticals and tech-heavy capital goods, while exports fell on metals, oil, and drugs.
• Big bilateral gaps with Mexico and Asia persisted, while the U.S. ran a goods surplus with Brazil.

The U.S. trade balance swung hard in November, as imports rebounded and exports retreated after October’s unusually small gap. The overall deficit in goods and services rose to $56.8 billion.

That nearly doubled October’s revised $29.2 billion. Economists surveyed by Bloomberg had expected about $44.0 billion. Imports climbed 5.0% to $348.9 billion.

Goods imports rose to $272.5 billion, led by consumer and capital goods. Consumer goods jumped $9.2 billion, with pharmaceutical preparations alone up $6.7 billion.

Capital goods increased $7.4 billion. Computers rose $6.6 billion and semiconductors gained $2.0 billion. The figures are nominal, not inflation-adjusted.

Exports moved the other way. Total exports fell 3.6% to $292.1 billion. Goods exports slid to $185.6 billion, driven by a $6.1 billion drop in industrial supplies and materials.

That included nonmonetary gold, down $4.2 billion. Other precious metals fell $2.6 billion. Crude oil fell $1.4 billion. Consumer goods exports also fell $3.1 billion, including a $2.9 billion decline in pharmaceutical preparations.

Goods Deficit Widens Despite Services Cushion

Services provided a partial cushion. Services exports edged up to $106.4 billion, and the services surplus widened to $30.1 billion. Still, the goods deficit expanded to $86.9 billion, keeping the overall balance deeply negative.

The bilateral picture shows where pressure concentrates. The largest goods deficits were with Mexico ($17.8 billion) and Vietnam ($16.2 billion).

They were also large with Taiwan ($15.6 billion), China ($14.7 billion), and the European Union ($14.5 billion). The U.S. ran surpluses with Switzerland ($7.8 billion) and the Netherlands ($5.6 billion).

It also had a surplus with South and Central America ($5.1 billion). It ran surpluses with the United Kingdom ($4.2 billion) and Brazil ($2.1 billion).

The report also arrived after a 43-day U.S. government shutdown delayed official releases. That timing and shifting tariff signals can distort month-to-month comparisons. Shipping schedules can add to the swing.

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