09.01.202413:37:00UTC+00U.S. Trade Deficit Unexpectedly Narrows To $63.2 Billion In November

The Commerce Department released a report on Tuesday showing the U.S. trade deficit unexpectedly shrank in the month of November.

The report said the trade deficit narrowed to $63.2 billion in November from a revised $64.5 billion in October. Economists had expected the trade deficit to widen to $65.0 billion from the $64.3 billion originally reported for the previous month.

The unexpectedly smaller trade deficit came as the dollar value of imports decreased by more than the dollar value of exports.

The Commerce Department said the value of imports tumbled by 1.9 percent to $316.9 billion in November after inching up by 0.2 percent to $323.1 billion in October.

The report showed a steep drop in imports of consumer goods, including pharmaceuticals and cell phones and other household goods, while imports of capital goods and industrial supplies and materials also fell.

Meanwhile, the value of exports plunged by 1.9 percent to $253.7 billion in November after slumping by 1.1 percent to $258.6 billion in October.

Exports of industrial supplies and materials, including non-monetary gold and crude oil, fell sharply, while exports of consumer goods and automotive vehicles, parts and engines also decreased.