Containers pictured in 2018 at a terminal at the docks in Buenos Aires, Argentina -- the country's vital exports started to slump in January when the new coronavirus began spreading in China, a major trade partner
Containers pictured in 2018 at a terminal at the docks in Buenos Aires, Argentina -- the country's vital exports started to slump in January when the new coronavirus began spreading in China, a major trade partner AFP / Juan MABROMATA

The U.S. trade deficit hit an all-time high in November as imports increased and exports dropped to record levels, according to data released Wednesday by the U.S. Census Bureau.

The report showed that the shortfall skyrocketed by 17.5% to $97.8 billion from $83.2 billion in October. The new figure broke the previous deficit record of $97 billion set in September.

The economy grew by 2.3% at an annualized rate in the third quarter as the economy continues to recover from the impact of the COVID-19 pandemic.

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