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Trade gap narrows in November

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Trade gap narrows in November

7.7% reduction beats expectations.

The Department of Commerce announced today that the nation’s international trade deficit in goods and services decreased to $39.0 billion in November from a revised $42.2 billion in October.  The deficit was the lowest since last December.

Analysts had expected a deficit of $42.0 billion.

November exports were $196.4 billion, $2.0 billion less than October exports. November imports were $235.4 billion, $5.2 billion less than October imports.

The November decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.3 billion to $58.3 billion and a decrease in the services surplus of $0.1 billion to $19.3 billion. The decrease in the goods deficit was driven primarily by lower prices and demand for foreign oil, and occurred despite a surge in imported consumer goods. 

Year-to-date, the goods and services deficit increased $22.3 billion, or 5.1%, from the same period in 2013. Exports increased $60.0 billion or 2.9%. Imports increased $82.4 billion or 3.3%. 

For the full report, click here.

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