FXstreet.com (Barcelona) - U.S. deficit in goods and services trade with the rest of the world has posted in November the largest decline in 12 years, mainly due to the sharp decline on oil prices and weakening demand, according to data released by the U.S. Commerce Department.
International goods and services trade posted a $40.4 billion deficit in November, down from the $56.7 billion gap posted in October, which has been downwardly revised from the $57.19 billion previously estimated.
November's deficit has beaten the experts already positive expectations, market analysts had forecasted a smoother decline to a total deficit of about $51.0 billion. November's deficit is the lowest since the $40 billion deficit in 2003, and the monthly decline, 28.7%, the sharpest since the 34.9% decrease in October 1996.
Imports have posted a 12.0% decline in November from October, to a total a $208.23 billion, while exports dropped 5.8% to $ 142.80 billion.