NEW YORK (CNN/Money) - The U.S. trade deficit reached $60.3 billion in November, a new record, according to a government report released Wednesday.

The number was far above estimates. Analysts had expected a deficit of $54 billion, according to Reuters.

According to the Department of Commerce, the trade deficit surged $4.3 billion more than the revised $56 billion recorded in October. November's number is a $20.3 billion increase over November 2003.

November's exports were $2.2 billion less than October's exports of $97.8 billion, while November's imports were $2 billion more than October's imports of $153.8 billion.

Leading the rise in the import of goods was industrial supplies and materials ( up $1.2 billion), consumer goods ( up $400 million) and foods, feeds, and beverages ( up $200 million).

Leading the rise in the import of services was freight and port services, followed by travel and passenger fares.

Leading the decline in the export of goods was capital goods (down $1.4 billion), industrial supplies and materials (down $800 million), automotive vehicles and parts (down $400 million), consumer goods (down $200 million) and foods, feeds, and beverages (down $100 million).

Services exports increased $400 million from October to November. The rise was attributed to increases in travel and passenger fares.

The trade balance is the difference between the nation's imports over exports.

The trade deficit has been driving the dollar downward for months as foreign investors are concerned about the country's ability to finance the debt. The greenback fell sharply shortly after the release of Wednesday's news.