The U.S. trade deficit in November fell to the lowest level in three years as imports declined more than exports.
The trade gap fell to $43.09 billion, lower than the $43.6 billion forecast by economists and sharply lower than the $46.9 billion trade deficit in October. The prior month’s figure was revised down from $47.2 billion. The trade gap has narrowed for three consecutive months.
Total exports rose $1.4 billion to $208.6 billion while imports fell $2.5 billion to $251.7 billion. The trade position of the U.S. appears to have been boosted by the export of oil. Ongoing troubles with the Boeing 737 Max, however, a restraining aircraft exports.
The trade deficit with China fell to $26.4 billion from #31.26 billion in October. Exports with China rose to $10.1 billion from $8.9 billion. Imports from China declined to $36.46 billion from $40.1 billion.
The figures for November reflect tariff hikes in September. The phase one trade deal between the two nations was not finalized until December and is expected to be signed this month.
November’s trade deficit was the lowest level since October 2016.