US trade deficit spikes to 14-year high of $68,1bn

The trade deficit of US last November surged to $68.1 billion which is the highest for a month period in 14 years, as a dramatic increase in imports overshadowed a modest growth in exports, AP reported.

The November gap between exports and imports in the US increased by 8% from the October deficit of $63.1 billion, the Commerce Department said. The rise reflected a 2.9% increase in imports of goods and services to $252.3 billion on a seasonally adjusted basis. That jump swamped a 1.2% rise in exports which totaled $184.2 billion in November. Through the first 11 months of 2020, the deficit stands at $604.8 billion, 13.9% higher than the same period in 2019. President Donald Trump has insisted that his get-tough trade policies with the rest of the world would shrink the deficit and bring back American jobs.