U.S. Trade Deficit Narrowed in November, Commerce Reports

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The U.S. trade deficit narrowed in November to its smallest level since July 2005 and, as exports reached a record and oil imports declined, the Commerce Department reported Wednesday.The $58.2 billion trade gap was below economists’ estimates of a $60 billion shortfall, Bloomberg reported. The difference between imports and exports was 1%, also less than forecast.U.S. exports rose 0.9% to $124.8 billion, reflecting higher demand for commercial aircraft, automobiles and telecommunications equipment, Commerce said.Total imports of goods and services rose 0.3% to $183 billion. The shortfall with China retreated from an all-time high the previous month, Bloomberg reported.