The U.S. notched a 15.8 percent higher trade deficit in November, with exports worth $182.6 billion versus imports of $231.3 billion. All told, the goods and services deficit was $48.7 billion compared with $42.1 billion in October.
Both imports and exports increased, according to the recent data from the U.S. Department of Commerce, with U.S. imports growing at a faster pace.
The trade gap was mostly driven by a greater consumer demand for electronics. Retailers stocked up on foreign-made gadgets to meet the growth in this sector over the holiday season. Ryan Wang, an economist with HSBC Securities, sees the growth in Asia and the U.S. as a sign of "stabilization in November" despite the gap.
Foods, feeds, and beverages exports decreased to $0.4 billion, while imports increased to $0.6 billion.
Import prices fell unexpectedly during this period by 0.1 percent, despite predictions of growth by the same amount.
