The U.S. trade deficit surged to a near-record high of $80.2 billion in November as exports slowed at the same time that imports jumped sharply.

The November deficit was 19.3% higher than the October deficit of $67.2 billion and was just below the all-time monthly record of $81.4 billion set in September.

Through the first 11 months of 2021, the U.S. trade deficit is 28.6% higher than during the same period in 2020 as the economic recovery in the United States has outpaced other nations, sending import demand up faster than gains in U.S. export sales.