US trade deficit narrows to four-year low in November
- 7 January 2014
- From the section Business
The US trade deficit narrowed to its lowest level in four years in November, as rising sales of oil pushed US exports to a record high.
The trade gap dropped by 12.9% to $34.3bn (£20.9bn) in November, the smallest monthly deficit since October 2009, the US Commerce Department said.
Imports fell 1.4% from October as a fall in demand for foreign oil offset a record level of imported cars.
Exports rose 0.9%, boosted by a 5.6% rise in petroleum exports.
US exports were also boosted by stronger sales of American-made planes and machinery.
The drop in oil imports was helped by lower global prices.
After peaking at $102 per barrel in September, the average price of a barrel of imported crude oil has been falling. It averaged $94.69 a barrel in November.