Business

US trade deficit narrows to four-year low in November

  • 7 January 2014
  • From the section Business
Oil refinery Texas
The US has been promoting its domestic oil and gas industries

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.

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