A report released by the Commerce Department on Friday showed the U.S. trade deficit widened more than expected in November, as the value of imports increased by more than the value of exports.
The Commerce Department said the trade deficit widened to $50.5 billion in November from a revised $48.9 billion in October.
The deficit had been expected to widen to $49.5 billion from the $48.7 billion originally reported for the previous month.
The wider than expected deficit in November reflected the widest U.S. trade deficit since the $51.0 billion deficit in January of 2012.
The increase in the size of the deficit was partly due to a jump in the value of imports, which surged up by 2.5 percent to $250.7 billion in November from $244.7 billion in October.
Crude oil imports saw a considerable increase amid higher prices, while imports of semiconductors and cell phones and other household goods also saw notable growth.
At the same time, the report said the value of exports shot up by 2.3 percent to $200.2 billion in November from $195.8 billion in October.
Exports of civilian aircraft, passenger cars, and consumer goods showed significant increases during the month.
The Commerce Department said the goods deficit widened to $70.9 billion in November from $69.2 billion in October, while the services surplus edged up to $20.4 billion from $20.3 billion.
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