The trade deficit in goods and services continued to decrease. In November, the deficit was $39.0 billion, down $3.2 billion from October. The decrease in the deficit reflects a $2.0 billion decrease in exports and a larger $5.2 billion decrease in imports. Exports decreased to $196.4 billion, mainly driven by a $2.3 billion decrease in capital goods. Imports decreased to $235.4 billion, mainly driven by a $4.6 billion decrease in industrial supplies and materials. To view the full release click here.

At $11.4 billion, the November petroleum deficit was the lowest since December 2003. The November imports of petroleum, at $23.1 billion, contributed to the decrease, as they were the lowest since August 2009. In November, both the import average price per barrel of crude oil and quantity of crude oil imports were highlights. The import average price per barrel of crude oil, at $82.95, was the lowest since December 2010. The November quantity of crude oil imports, at 189 million barrels, was the lowest since February 1994. To view more historical data on U.S. Imports of Crude Oil click here.