The U.S. trade balance, which measures the trade in goods and services, came in at a deficit of -$56.8 billion in November, widening by $27.6 billion from October and coming in above expectations of -$44 billion. Imports rose to $348.9 billion, up 5.0% from October, while exports totaled $292.1 billion, a 3.6% decline from October.
The ABA Office of the Chief Economist believes that this suggests that trade could weigh modestly on near-term economic growth, as higher imports and weaker exports contributed to a wider deficit. For banks, this pattern reflects resilient domestic demand alongside uncertain global conditions. While elevated imports point to robust U.S. consumption, the decline in exports may tame growth prospects for some internationally exposed firms in the months ahead and weigh on loan demand.
