Trade Deficit at Highest Level in 14 Months

The U.S. trade deficit in November rose to the highest level in 14 months. This reflected the record foreign crude oil prices. Also, the deficit with China declined slightly while the weak dollar boosted exports to another record high. The Commerce Department reported that the trade deficit, the gap between imports and exports, jumped by 9.3 percent, to $63.1 billion. The imbalance was much larger than the $60 billion that had been expected. The increase was driven by a 16.3 percent increase in America's foreign oil bill.