US Trade gap widened in November

The U.S. trade deficit jumped sharply from October to November of 2012, the Commerce Department's Bureau of Economic Analysis said Friday. The trade gap grew from a revised October deficit of $42.1 billion -- previously announced as $42.3 billion -- to $48.7 billion, with the gain in imports far outpacing the month's gain. Exports rose by $1.7 billion month-to-month to $182.5 billion but imports jumped by $8.4 billion to $231.8 billion, the bureau said. In November, the deficit in goods trading increased by $6.6 billion to $65.7 billion. The surplus in services exports month-to-month held steady at $17 billion. The difference was a sharp increase in goods imports, which jumped by $8.2 billion to $195 billion. By comparison, exports of services rose by only $100 million to $53.2 billion while imports of services increased by $200 million to $36.3 billion. Among major trading partners, the trade gap with China dropped from $29.5 billion to $29 billion. The decline in the trade gap with the Organization of Petroleum Exporting Countries was even more pronounced, with the deficit falling from $8.6 billion to $6.6 billion. The trade deficit widened with the European Union, Germany, Mexico, Canada, Ireland, Venezuela and Korea, the bureau said.