The U.S. trade deficit expanded drastically in November, driven by a record surge in imports of foreign goods, according to new data from the U.S. Bureau of Economic Analysis in collaboration with the U.S. Census Bureau. The government findings indicate that the trade deficit jumped to $80.2 billion in the penultimate month of 2021, constituting a 19.4 percent rise in the total trade gap. This dynamic was driven by a stark increase in goods imports, which rose 5.1 percent to a total of $254.9 billion, likely a result of reduced congestion at American ports and from last year’s lucrative holiday shopping season. Industrial goods and materials led among categories of goods imported with a $5.9 billion increase, followed by consumer goods with $3 billion. Goods exports declined by a less drastic 1.8 percent, bringing the total to $155.9 billion. The phenomenon was less severe in services, with service imports increasing by …
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