US November deficit down

WASHINGTON: The US trade deficit fell to its lowest level in four years in November as exports hit a record high and weak oil prices restrained import growth, the latest evidence of strengthening economic fundamentals.

The Commerce Department said the trade gap fell 12.9% to US$34.3bil. That was the smallest deficit since October 2009. October’s shortfall on the trade balance was revised to US$39.3bil from the previously reported US$40.6bil. Economists polled had forecast the trade deficit slipping to US$40bil in November. – Reuters