US Trade Deficit Widens Sharply in November 2025 – Full Breakdown of Imports, Exports and What It Means

The US trade deficit widened significantly in November 2025, marking the biggest monthly increase in decades. Fresh data from the US Census Bureau and the Bureau of Economic Analysis shows a sharp rise in imports and a fall in exports, pushing the overall trade gap much higher.

What Is the US Trade Deficit in November 2025?

• Total goods and services trade deficit: $56.8 billion
• October deficit (revised): $29.2 billion
• Monthly increase: $27.6 billion

This is one of the largest month on month increases in the trade deficit in the modern data series, which began in 1992.

US Exports and Imports – November vs October

Exports fell while imports surged. This combination directly caused the trade deficit to widen sharply.

Goods vs Services – What Drove the Deficit?

Goods Trade (Physical Products)

• Goods deficit: $86.9 billion
• October goods deficit: $59.0 billion
• Increase: $27.9 billion

The widening deficit was mainly due to a jump in goods imports and weaker goods exports.

Services Trade (Travel, Finance, Tech Services)

• Services surplus: $30.1 billion
• Increase in surplus: $0.3 billion

Services remained a strength for the US economy, slightly offsetting the large goods deficit.

Key Import Highlights (Census Basis)

• Imports of capital goods reached $101.8 billion, the highest on record.
• Imports of other goods hit $13.9 billion, also a record.
• Imports of industrial supplies and materials fell to $44.7 billion, the lowest since January 2021.
• Petroleum imports were $14.7 billion, the lowest since February 2021.
• Automotive vehicles, parts and engines imports were $32.4 billion, the lowest since June 2022.

Real Dollar Import Trends

• Real imports of capital goods: $94.7 billion, highest ever.
• Real imports of other goods: $12.0 billion, highest on record.
• Real imports of industrial supplies: $31.1 billion, lowest since February 1996.
• Real petroleum imports: $11.4 billion, lowest since September 2020.
• Real auto related imports: $29.9 billion, lowest since February 2022.

Country Level Trade Highlights

• US deficit with Thailand hit a record $7.5 billion.
• Exports to Taiwan were $5.3 billion, highest on record.
• Exports to Canada fell to $25.3 billion, lowest since January 2022.
• Imports from Brazil were $2.2 billion, lowest since March 2021.
• Imports from Canada were $28.4 billion, lowest since April 2021.

Oil Import Situation

• Crude oil import quantity: 162.2 million barrels, lowest since February 2021.
• Average crude oil import price: $59.31 per barrel, lowest since May 2021.

Lower oil volumes and prices helped reduce energy import pressure.

Year to Date Trade Trend

• Trade deficit up $32.9 billion, or 4.1%, compared with the same period in 2024.
• Exports up $185.7 billion, or 6.3%.
• Imports up $218.6 billion, or 5.8%.

Why Did the US Trade Deficit Increase So Much?

The main reasons were:

• Strong demand for imported capital goods
• Record purchases of certain goods categories
• Drop in exports compared with October
• Higher consumer and business demand inside the US economy

What Does This Mean for Markets?

A widening trade deficit can affect:

• The US dollar trend
• Bond yields and inflation expectations
• Global supply chains
• Emerging market currencies and commodities

For investors, rising imports can signal strong domestic demand, but a falling export trend may point to slower global growth.

FAQs 

Why did the US trade deficit widen in November 2025?

Because imports rose sharply by $16.8 billion while exports fell by $10.9 billion.

What is the current US trade deficit?

$56.8 billion for November 2025.

Are US imports at record levels?

Yes, especially capital goods and certain other goods categories.

Is the services sector still strong?

Yes, the services surplus increased to $30.1 billion.

Source: US Census Bureau and Bureau of Economic Analysis – International Trade in Goods and Services Report.