WASHINGTON (AP) — The U.S. trade deficit dropped to the lowest level in nine months in November as exports fell to a nearly four-year low.
The Commerce Department says the November deficit fell 5 percent to $42.4 billion.
Exports contracted 1.6 percent to $182.2 billion, the smallest monthly total since January 2012. Imports were also down, shrinking 1.7 percent to $224.6 billion. The import declines this year reflect the big drop in global oil prices.
American manufacturers have been hurt by a strong dollar, which makes their products more expensive on overseas markets. They are also contending with economic weakness in some of their biggest export markets including Europe and China.
The smaller November deficit should give a boost to fourth quarter growth. But economists are forecasting higher deficits going forward.
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