The U.S. trade deficit expanded by almost 10 percent in November to $36.4 billion from $33.19 billion the month before. The Commerce Department reports that surging oil prices led to the 9.7 percent increase in the U.S. deficit in international trade of goods and service. Americans paid $22.97 billion for energy-related imports with crude oil accounting for the lion’s share: $17.81 billion.
“While exports have registered seven straight months of gains as economic growth has returned, the rise in oil prices has brought the trade deficit back up. After a temporary dip in October, oil imports rebounded in November,” wrote Tom Barkley of The Wall Street Journal.
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