Oil Sends US Trade Deficit to Five-Month High

The U.S. trade deficit widened 10.4 percent to $47.8 billion in November from October, driven by higher prices and volumes for imported oil and a drop in major export categories other than consumer goods.

Non-petroleum imports rose 0.1 percent, including a 3.7 percent jump in automotive import volumes. Imports of capital goods rose despite declines in computers, semiconductors and the volatile category of civilian aircraft. Consumer goods imports fell 1.7 percent.

Imports rose 1.3 percent to $225.6 billion, mainly because of petroleum prices and volumes. Exports fell 0.9 percent to $177.8 billion, the Commerce Department’s seasonally adjusted numbers showed.

The U.S. trade deficit to China narrowed to $26.9 billion in November from $28.1 billion in October, according to figures that are not seasonally adjusted, as U.S. exports China hit an 11-month high while imports fell.

-- Contact Joseph Bonney at jbonney@joc.com. Follow him on Twitter @josephbonney.