U.S. Nov Trade Deficit Surges 94.6%, Largest Monthly Jump Since 1992

The U.S. trade deficit ballooned 94.6% month-over-month in November 2025 to $56.8 billion, the largest single-month increase since 1992, as imports surged and exports fell sharply, reflecting volatility from Trump-era tariff rhetoric. Imports rose 5% to $348.9 billion, led by record capital goods (+$7.4B, driven by AI-related semiconductors) and consumer goods (+$9.2B, mainly pharmaceuticals). Exports dropped 3.6% to $292.1 billion, weighed down by falling industrial supplies and pharmaceutical shipments. The inflation-adjusted goods deficit hit $87.1 billion — a four-month high — likely trimming Q4 GDP growth expectations. The Atlanta Fed’s GDPNow model previously projected net exports adding 1.88 percentage points to Q4 growth; economists now expect downward revisions. Trade gaps with China and Canada widened, while Mexico’s narrowed slightly.