Reversing a drop in October, the U.S. trade deficit saw a notable increase in November, according to figures released Friday by the Commerce Department.
U.S. exports fell by 0.9 percent to a level of $177.8 billion, while imports rose by 1.3 percent to a level of $225.6 billion, according to the report.
That put the trade deficit at $47.8 billion, a 10.4 percent increase from October's revised level of $43.3 billion - little changed from the $43.5 billion initially reported.
Most economists had predicted that October's narrowing of the deficit would be reversed but had generally forecast that the deficit would come in lower, at roughly $45 billion.
Paul Dales, Senior U.S. Economist at Capital Economics, said the notably wider deficit is "perhaps the first real sign that the crisis in Europe and the more general global slowdown is starting to take its toll on the U.S."
"The combination of a fairly deep euro-zone recession and a slowdown in activity in Asia means U.S. exports will grow only modestly this year and the trade deficit will probably continue to widen," he added.
The widening trade gap was largely driven by a $4.6 billion increase in the deficit between imports and exports of goods but slightly offset by a $100 million increase in the services surplus.
The November figures showed slowing exports of industrial supplies, capital goods, automotive supplies and agricultural goods, while imports of industrial supplies, autos and capital goods increased.
Those figures were somewhat offset by an increase in exports of consumer goods and a decrease in imports of foods, feeds and beverages.
The trade deficit with China fell somewhat in November to $26.9 billion from the October level of $28.1 billion. The decrease was driven in part by U.S. exports to China, which at $9.9 billion, were the highest since December of 2010.
The deficit in trade between the U.S. and the European Union increased to $9.7 billion from the October level of $8 billion, with the deficit with Germany of $4.7 billion marking the highest level since October of 2005.
The November increase in the average price of crude oil, the first increase after five months of falling prices, likely contributed to the increase in the deficit between the U.S. and OPEC nations, which rose to $9.1 billion in November from $8.3 billion in October.
The U.S. continued to post trade surpluses with Hong Kong, Australia, Singapore and Egypt, though the surpluses with Australia and Egypt were somewhat smaller in November than in October.
U.S. trade deficits also grew with Mexico and Nigeria.
The U.S. economy also recorded a slowdown in exports of advanced technology, resulting in a $10.7 billion deficit, the highest on record for that sector, according to the Commerce Department.
Reversing a drop in October, the U.S. trade deficit saw a notable increase in November, according to figures released Friday by the Commerce Department.U.S. exports fell by 0.9 percent to a level of $177.8 billion, while imports rose by 1.3 percent to a level of $225.6 billion, according to the report.That put the trade deficit at $47.8 billion, a 10.4 percent increase from October's revised level of $43.3 billion
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