US Trade Deficit Expanded Almost 16 Percent in November

The U.S. trade deficit was $48.7 billion in November 2012, widening 15.7 percent from $42.1 billion (revised) in October 2012, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis reported today.

November exports were valued at $182.6 billion, increasing from $180.8 billion in October, and imports were $231.3 billion, rising from $222.9 billion in October.

The goods deficit increased $6.6 billion from October to $65.7 billion, while the services surplus remained basically flat from October at $17.0 billion.

From November 2011 to November 2012, the goods and services deficit fell $0.1 billion. Exports were up $5.8 billion, or 3.3 percent year-over-year, and imports were up $5.7 billion, or 2.5 percent.

The Department of Commerce units also reported that the annual U.S. goods trade deficit with China through November 2012 stands at $290 billion, poised to break 2011’s record $295 billion.

“Unless we take aggressive steps to act in our own national interest, manufacturing in America will never reach its full potential,” said Scott Paul, president of the Alliance for American Manufacturing, in a written statement. He called for aggressive trade enforcement and ending China’s “currency manipulation and other market-distorting practices.”