The US trade deficit narrowed in November at the sharpest pace in nearly 14 years as imports contracted as domestic demand slowed due to higher borrowing costs.

Today, Thursday, the Commerce Department said the trade deficit narrowed 21% to $61.5 billion, the lowest level since September 2020.

The percentage drop in the trade deficit was the largest since February 2009.

Imports fell 6.4% to $313.4 billion, while merchandise imports fell 7.5% to $254.9 billion.

Exports fell 2% to $251.9 billion, goods exports fell 3% to $170.8 billion, but exports of cars, spare parts and engines were the highest since August 2019.

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