The US trade deficit increased 6.2% MoM to $78.2 billion in November, largely in line with expectations of a $78 billion deficit, as export growth of 2.7% MoM was outpaced by import growth of 3.4% MoM. Exports of $273.4 billion on the month were the highest highest on record. More specifically, real exports of petroleum were at an all-time high of $17.2 billion. Alternatively, services imports (nominal) were at an all-time high as well. An increase of $4.3 billion in industrial supply exports drove the overall export gain. Gains of $3.7 billion in industrial supplies and $3.5 billion in capital goods imports drove the overall import gains.