OKLAHOMA CITY (OBV) — The U.S. trade deficit widened sharply in November, reflecting a pullback in exports and a renewed rise in imports, according to new data released Thursday by the U.S. Census Bureau and the Bureau of Economic Analysis. The goods and services deficit climbed to $56.8 billion, up from a revised $29.2 billion in October, driven primarily by a larger goods trade gap.
November exports fell to $292.1 billion, down $10.9 billion from the prior month, while imports rose to $348.9 billion, an increase of $16.8 billion. The widening deficit was largely attributable to goods trade, which expanded by nearly $28 billion, partially offset by a modest increase in the services surplus.
Year-to-date, the overall trade deficit is up 4.1% compared with the same period in 2024, as both exports and imports continued to grow, underscoring the uneven adjustment underway in global trade flows.
The latest figures align with concerns raised earlier this month by University of Central Oklahoma economist Russell Evans, who warned that shifting tariff policy and uncertainty around trade rules could weigh on near-term growth even as domestic production opportunities take shape. Evans previously noted that while tariffs may temporarily reduce the headline trade deficit, policy volatility itself can act as a drag on investment and hiring.
“The uncertainty and unevenness of the policy is probably a net drag on growth,” Evans told Oklahoma Business Voice in January, pointing to fragile goods-producing employment and a slow recovery in manufacturing activity across the state.
At the same time, Evans has argued that states with strong logistics networks, central geography, and a history in goods production — including Oklahoma — could benefit if firms shorten supply chains or shift sourcing toward allied markets. That transition, however, is unlikely to be smooth.
Positioning for those gains, Evans said, will require sustained infrastructure investment, trade partnerships, and deliberate efforts to connect Oklahoma producers to new domestic and export markets, a challenge that becomes more visible as national trade data continues to swing month to month.
