The U.S.
Commerce Department informed on Tuesday that the U.S. goods and services trade
deficit narrowed by 2.0 per cent to $63.2 billion in November 2023 compared to a revised shortfall
of $64.5 billion (from $64.3 billion) in October. This marked the first reduction
in trade shortfall in three months.
Economists had forecast
a gap of $65.0 billion for November.
According to
the report, the November drop in the goods and services deficit reflected a
decline in the goods deficit of $0.6 billion to $89.4 billion and an advance in
the services surplus of $0.7 billion to $26.2 billion.
Overall,
exports of goods and services from the U.S. fell 1.9 per cent m-o-m to $253.7
billion in November, the lowest level since July, while imports also declined
1.9 per cent m-o-m to $316.9 billion, the lowest level since August.
Year-to-date, the goods and services
deficit plunged 18.4 per cent from the same period in 2022. Exports rose 1.0
per cent, while imports dropped 3.6 per cent.