The U.S. trade deficit fell in November to the lowest level in 11 months as crude oil imports dropped to a two-decade low.
The Commerce Department says the trade deficit narrowed to $39 billion in November, down 7.7 percent from a revised October deficit of $42.2 billion. U.S. exports slipped 1 percent to $196.4 billion, with sales of commercial airliners falling.
Continue Reading Below
Imports dropped even faster, falling 2.2 percent to $235.4 billion. That was primarily a reflection of foreign oil declines. The volume of crude imported in November hit its lowest level since 1994, while the average price dropped to a two-year low.
The U.S. trade deficit is being helped by falling global oil prices and a boom in U.S. energy production, which has lessened America's reliance on imports.