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US Trade Gap Widens From Smallest Since 2009 as Imports Rise
Imports Rebounded and Exports Fell, Highlighting Wide Monthly Swings in Response to Tariffs
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The U.S. trade deficit widened in November from the lowest level since 2009 as imports rebounded and exports fell, highlighting wide monthly swings in response to the Trump administration’s vacillating tariffs.
The goods and services trade gap nearly doubled from the prior month to $56.8 billion, Commerce Department data showed Jan. 29. The median estimate in a Bloomberg survey of economists was for a $44 billion deficit.
The trade data has been prone to volatility related to the implementation of U.S. trade policy. In recent months, there’s been a surge in trade of non-monetary gold and pharmaceutical preparations in response to President Donald Trump’s tariff announcements.
That was the case again in November, with a surge in inbound shipments of pharmaceuticals and a slide in gold exports. Overall imports increased 5%, also boosted by capital goods, such as computers and semiconductors.
The value of all U.S. goods and services exports fell 3.6% in November. The figures aren’t adjusted for inflation.
Despite the widening in November, the trade deficit remains generally smaller than in recent years. A narrower gap is a key priority of the Trump administration.
The nation's #InternationalTrade deficit in goods and services increased to $56.8 billion in November from $29.2 billion in October (revised), as exports decreased and imports increased.https://t.co/2oHMegxkUo
#CensusEconData @BEA_News pic.twitter.com/jCdaRrNO7j — U.S. Census Bureau (@uscensusbureau) January 29, 2026
The latest trade data will help economists firm up their estimates for fourth-quarter gross domestic product. After the figures, the Federal Reserve Bank of Atlanta’s GDPNow forecast net exports would add 0.65 percentage point to fourth-quarter growth, now estimated at 4.2%.
On an inflation-adjusted basis, which filters into the real GDP measurement, the merchandise trade deficit widened to $87.1 billion in November, the largest in four months. Trade in gold, unless used for industrial purposes such as in the production of jewelry, is excluded from the government’s GDP calculation.
The deficits with China and Canada widened in the latest month, while the shortfall with Mexico narrowed slightly.
The Commerce Department’s trade report was delayed because of the federal government shutdown last year.
Separate data out Jan. 29 showed little change in initial applications for unemployment benefits last week. Continuing claims slipped in the previous week to the lowest since September 2024.
