Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

U.S. exporters hit by global slowdown

@CNNMoney January 13, 2012: 9:17 AM ET

NEW YORK (CNNMoney) -- American exporters are starting to face more headwinds from a decelerating global economy.

After four straight months of narrowing, the U.S. trade deficit widened in November, the Commerce Department reported Friday. The United States imported $47.8 billion more goods and services than it exported during the month, up from a $43.3 billion gap in October.

The gap widened as exports fell 0.9% -- a slump economists mainly attribute to slowdowns in Europe and Asia, which decreased foreign demand for American goods. Imports grew 1.3% in November, partially due to higher oil prices and more auto shipments.

"The rest of the world is slowing, and that's obviously showing up to some extent," said Lewis Alexander, chief U.S. economist for Nomura. "On the domestic side, the U.S. economy is doing a little bit better relative to the rest of the world."

China's export powerhouse slows down

Economists had expected the trade gap to widen, but not that much. Forecasts from Briefing.com predicted the deficit would grow to $44.5 billion.

The data comes on the heels of China's trade balance report earlier this week, which showed exporters there were also hit by weaker global demand at the end of the year.  To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.88%3.83%
15 yr fixed2.84%2.96%
5/1 ARM3.24%3.09%
30 yr refi3.92%3.94%
15 yr refi2.94%3.05%
Rate data provided
by Bankrate.com
View rates in your area
Find personalized rates:
Economic Calendar
Latest ReportNext Update
Home pricesAug 28
Consumer confidenceAug 28
GDPAug 29
Manufacturing (ISM)Sept 4
JobsSept 7
Inflation (CPI)Sept 14
Retail sales Sept 14
  • -->