(Bloomberg) -- The U.S. trade deficit widened to a nine-month high in November as exports fell and companies and governments imported the most since August 2015.
The gap grew by 6.8 percent to $45.2 billion from a revised $42.4 billion in the prior month, Commerce Department figures showed Friday. The November shortfall was in line with the Bloomberg survey median for a $45.4 billion gap.
Weaker overseas sales of U.S.-made goods and stronger domestic demand for imported merchandise indicate trade weighed on economic growth in last year's fourth quarter. America's net export position has also been made even more tenuous given the dollar's rally in late 2016.
Exports decreased 0.2 percent to $185.8 billion in November on slower shipments of foods, capital goods and motor vehicles, the Commerce Department data showed. Exports of capital equipment were the weakest since September 2011 and reflected a sharp drop in shipments of commercial aircraft.
Imports increased 1.1 percent to $231.1 billion on more purchases of foreign-produced crude oil and foods. Inflation-adjusted imports of petroleum were the highest since November
2012.
After eliminating the influence of prices, which renders the numbers used to calculate gross domestic product, the trade deficit widened to a five-month high of $63.6 billion from $60.3 billion in the prior month.
Trade contributed 0.85 percentage point to U.S. economic growth in the third quarter, the most since the final three months of 2013.
A jump in soybean shipments to overseas customers that boosted exports in the third-quarter is in the process of unwinding. Soybean exports declined in November to $1.9 billion from $2.2 billion. Trade and inventories are two of the most volatile components in GDP calculations.
The report also showed the merchandise trade gap with China, the world's second-biggest economy, narrowed to a seasonally adjusted $28.4 billion from $28.9 billion. The trade deficit with Europe widened.
To contact the reporter on this story: Patricia Laya in Washington at playa2@bloomberg.net.
To contact the editor responsible for this story: Scott Lanman at slanman@bloomberg.net, Vince Golle
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