Container are stacked and ready for transport at the Port of Long Beach, Calif., Aug. 12, 2009. THE CANADIAN PRESS/AP, Nick Ut
January 07, 2014 - 5:35 AM
WASHINGTON - The U.S. trade deficit fell in November to its lowest level in four years, an encouraging sign for economic growth. Gains in energy production and stronger sales of American-made airplanes, autos and machinery lifted exports to an all-time high.
The Commerce Department says the trade gap dropped 12.9 per cent to $34.3 billion in November, the smallest monthly trade deficit since October 2009.
Exports rose 0.9 per cent to a record $194.9 billion, aided by a 5.6 per cent rise in petroleum exports. Imports dropped 1.4 per cent to $229.1 billion. A decrease in demand for foreign oil offset a record level of imported autos.
Through 11 months of 2013, the trade deficit is 12.3 per cent lower than the same period in 2012. Exports have strengthened while imports are slightly lower.
News from © The Associated Press, 2014