The US trade deficit narrowed at the sharpest rate in nearly 14 years in November as imports fell amid slowing domestic demand and rising borrowing costs.
On Thursday, the Commerce Department said the trade deficit fell 21% to $61.5 billion, the lowest level since September 2020.
The percentage decline in the trade deficit was the largest since February 2009.
Imports tumbled 6.4% to $313.4 billion, with imports of goods down 7.5% to $254.9 billion.
Exports fell 2% to $251.9 billion while merchandise exports fell 3% to $170.8 billion, but exports of automobiles, spare parts and engines were the highest since August 2019. (Reuters)
