Arab Canada News
News
By Mohamed nasar
Published: January 10, 2024
U.S. Department of Commerce data released today showed a decline in the United States trade deficit during last November contrary to expectations.
The Department of Commerce stated that the trade deficit during November reached $63.2 billion compared to $64.5 billion during last October according to revised data. Analysts had expected the deficit to rise to $65 billion compared to $64.3 billion during the previous month according to preliminary data.
The unexpected decline in the trade deficit came at a time when the value of imports in dollars dropped more than the decline in the value of exports.
U.S. imports during November fell by 1.9% to $316.9 billion after rising in October by 0.2% to $323.1 billion.
The Commerce Department statement showed a sharp decline in imports of consumer goods including medicines, mobile phones, and other household goods, as well as a decline in imports of capital goods, industrial supplies, and raw materials.
Conversely, exports fell by 1.9% to $253.7 billion during November after declining by 1.1% to $258.6 billion during the previous month.
Exports of industrial supplies, gold, and crude oil fell sharply, while exports of consumer goods, automobiles, and engines declined at a slower pace.
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