Home » Economy » November trade deficit hits near record-high $80.2 billion
November trade deficit hits near record-high $80.2 billion
Don’t invest in China, market expert warns
B. Riley Securities chief global strategist and managing director Mark Grant explains why investors should stay away from investing in Chinese stocks.
The U.S. trade deficit surged to a near-record high of $80.2 billion in November as exports slowed at the same time that imports jumped sharply.
The November deficit was 19.3% higher than the October deficit of $67.2 billion and was just below the all-time monthly record of $81.4 billion set in September, the Commerce Department reported Thursday.
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November imports, goods Americans bought from other countries, jumped 4.% to $304.4 billion in November while exports, those the U.S. sends overseas, edged up a scant 0.2% to $224.2 billion.
Through the first 11 months of 2021, the U.S. trade deficit is 28.6% higher than during the same period last year with the economic recovery in the United States outpacing other nations, as is the readiness of Americans to spend.
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For all of 2020, the U.S. trade deficit stood at $676.7 billion, a slight 0.1% above the 2019 figure.