© Reuters. PHOTOGRAPHY: Transport containers, including one labeled “China Shipping” and the other “Italia”, are stacked at the Paul W. Conley Container Terminal in Boston, Massachusetts, USA, May 9, 2018. REUTERS / Brian Snyder
(Reuters) – The US trade deficit rose to a record high in November as imports rose and exports fell.
The trade deficit rose 17.5 percent last month to $ 97.8 billion from $ 83.2 billion in October, the trade ministry said on Wednesday. That exceeds the previous record deficit set in September of $ 97 billion.
Exports of goods fell by 2.1%, while imports increased by 4.7%.
The report also showed that wholesale inventories rose 1.2% last month.
Retail inventories rose 2.0%.
Retail inventories, excluding cars, which are included in the calculation of gross domestic product, increased by 1.3%
The economy grew at an annual rate of 2.3% in the third quarter, down from the previous year, but activity recovered in the fourth quarter.
Trade is holding back gross domestic product growth for five consecutive quarters, while inventories added production in the third quarter.
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