Market Updates
U.S. Trade Deficit Falls to 4-Year Low
Nigel Thomas
07 Jan, 2014
New York City
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U.S. trade deficit declined to the lowest since fall 2009 on falling petroleum imports and rising exports in November.
U.S. trade deficit declined to the lowest since fall 2009 on falling petroleum imports and rising exports in November.
The Commerce Department said total merchandise and services deficit in the month declined to $34.3 billion from the revised $39.3 billion in October after adjusting for seasonal factors.
Exports of goods and services increased 1% to $194.9 billion and imports declined 1.5% to $229.1 billion in November from $232.5 billion in October.
Petroleum goods imports dropped 11% to $28.5 billion and U.S. exports of energy products increased 5.5% to $13.3 billion.
For the eleven months to November last year, goods and services trade deficit decreased 12% from a year ago to $435.1 billion. Total U.S. exports in the period increased 3% to $2.08 trillion and imports were nearly flat at $2.51 trillion.
U.S. trade gap in the period with China increased 1% to $293.9 billion and with the European Union gained 4% to $121.4 billion and with Saudi Arabia and OPEC nations totaled $64.1 billion.
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