US imports of goods in November spiked by $40.5 billion, or 19.1% year-over-year to a new record worst of $252 billion, seasonally adjusted, according to the advance estimate by the Census Bureau today. The relentless three-decade trend was brought about by Corporate America – manufacturers, distribution channels, and retailers that have been encouraged to offshore everything to cheaper countries – according to the religion of globalization:
Note the rapid deterioration since 2019, powered by the fiscal and monetary stimulus that kicked in after the March and April 2020 slow-down. When American businesses and consumers buy goods, they buy much of it from other countries.
The increase in exports was primarily driven by the 37% surge in exports of industrial supplies, which include petroleum and petroleum products, to $56.7 billion, by far the largest category of exports, accounting for 36.7% of total exports.Stimulus for the Rest of the World: Imports Spike, Trade Deficit in Goods Worsens Relentlessly | Wolf Street