WASHINGTON (AP) – 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 trade deficit narrowed to $39 billion in November, down 7.7 percent from a revised October deficit of $42.2 billion, the Commerce Department reported Wednesday. U.S. exports slipped 1 percent to $196.4 billion, with sales of commercial airliners falling.
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.
The November deficit was the lowest since a trade gap of $37.4 billion in December 2013. Through the first 11 months of 2014, the deficit is running 5.1 percent above the same period in 2013.