From Quiver Quantitative:

The U.S. trade deficit unexpectedly decreased in November due to a significant drop in consumer goods imports, reaching a one-year low of $63.2 billion, a 2.0% contraction. Imports fell 1.9%, with goods imports declining 2.3%, led by a $4.1 billion drop in consumer goods. Exports also decreased by 1.9% to $168.0 billion. November trade data raises questions about global economic recovery and its impact on U.S. trade and shifts focus to December trade figures and Q4 GDP release. Despite moderation in trade flows, broader concerns about slowing demand persist.

The goods trade deficit also contracted, narrowing 0.6% to $89.4 billion, while the real goods trade deficit decreased more significantly by 2.7% to $84.8 billion. Trade deficit with China saw a reduction as well, dropping $2.4 billion to $21.5 billion. Services exports reached $85.7 billion, a record high driven by increases in travel, business services, and transport. The services surplus now stands at $26.2 billion, reflecting the evolving dynamics of U.S. trade.



Read more: November Sees U.S. Trade Deficit Narrow as Imports Drop