According to official data released by the United States on January 29 (Thursday), the trade deficit in goods and services for November 2025 was $56.8 billion, an increase of $27.6 billion compared to the revised deficit of $29.2 billion in October. This represents a staggering 94.5% month-on-month increase. The total deficit as of November 2025 reached $839.5 billion, an increase of $32.9 billion compared to the same period in 2024.
On January 29, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis released the trade data for November 2025. The total U.S. exports for November last year were $292.1 billion, a decrease of $10.9 billion from October. Imports, on the other hand, increased by $16.8 billion to $348.9 billion in November compared to October.
Specifically in November 2025, the trade deficit in goods increased by $27.9 billion to $86.9 billion, while the surplus in services increased by $3 billion to $30.1 billion. As a result, the total trade deficit in goods and services amounted to $56.8 billion. The trade deficit for October 2025 was $29.2 billion, making the November deficit surge by an astounding 94.5% on a month-to-month basis.
By the end of November 2025, the trade deficit in goods and services totaled $839.5 billion, marking an increase of $32.9 billion compared to the same period in 2024, representing a growth rate of approximately 4.1%. Exports saw an increase of $185.7 billion, a growth rate of 6.3%, while imports rose by $218.6 billion, a growth rate of 5.8%.
The major factor contributing to the nearly doubling of the trade deficit in November was the significant expansion of the deficit with the European Union, following a month where the U.S. trade deficit reached its lowest point since early 2009.
One-third of the trade deficit increase in November last year came from the European Union, amounting to $8.2 billion. In comparison, the trade deficit in goods with China decreased by about $1 billion, dropping to $13.9 billion.
In April 2025, the White House announced “equivalent tariffs,” using trade deficits between the United States and other countries as the benchmark for determining tariff rates. However, over time, President Trump’s stance softened, as shown by a framework agreement reached in August between the U.S. and the EU setting tariffs at 15% for most European goods to stabilize their relationship.