US foreign trade deficit plunges in November as imports shrink sharply

America’s shortfall on trade with the rest of the world narrowed sharply in November.

According to the US Department of Commerce, in seasonally adjusted terms, the foreign trade deficit in goods and services sank at a month-on-month pace of 21.0% to reach -$61.5bn (Barclays Research: -$78.6bn).

The drop was driven by a 6.4% decline in imports to $313.4bn while exports retreated by 2.0% to $251.9bn.

Nonetheless, year-to-date the trade deficit was 15.7% higher than over the same period of 2021.

Goods imports were responsible for the bulk of the fall in the total

deficit with overseas purchases of consumer goods decreasing by $8.8bn, including drops of $2.9bn in those of pharmaceuticals and $2.7bn fewer imports of cell phones.

Imports of automotive vehicles and parts shrank by $3.3bn and those of capital goods by $3.0bn.

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