Slim improvement in November’s gap from October, data show By Greg Robb, MarketWatch WASHINGTON (MarketWatch) — The U.S. trade deficit narrowed for a fourth straight month in November, confounding economists who had expected a rebound, government data showed Thursday. The nation’s trade deficit contracted a slight 0.3% to $38.3 billion from a revised $38.4 billion in October, the Commerce Department said. This marked the smallest trade gap since January. Analysts surveyed by MarketWatch had expected the deficit to widen to $40.3 billion. The trade deficit shrank 13.9% in October. The last time the deficit shrank for four months in a row was during the global financial crisis — from late 2008 into early 2009. Both exports and imports rose in November, but exports expanded at a slightly faster pace. U.S. exports are rising because of faster growth in emerging markets and the decline in the dollar’s value in foreign-exchange trading late last summer, economists said. The improved trade sector could lead economists to revise forecasts for fourth-quarter growth in gross domestic product higher. Before the trade data, forecasts for GDP growth in the final three months of the year had hovered just above a 3% rate. Crude-oil imports widen In November, exports rose 0.8% to $159.6 billion — the highest level since August 2008, just before the collapse of Lehman Brothers helped send the global economy reeling. Imports rose 0.6% to $198.0 billion. Imports of goods alone rose 0.9% to $164.7 billion, with the gain coming from industrial supplies, principally crude oil. Imports of food and beverages and capital goods set new records. On the other hand, imports of consumer goods and autos declined. Meanwhile, exports of goods alone rose 1.2% on the month to $113.5 billion. U.S. companies exported a record amount of consumer goods and foods and beverages in the month, and exports of civilian aircraft increased. The petroleum deficit widened 6% in November to $20.1 billion.

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