US foreign trade deficit in goods drops sharply in November

America's shortfall in trade on goods with the rest of the world shrank significantly last month.

According to the Department of Commerce, in seasonally adjusted terms, the US foreign trade deficit on goods fell at a month-on-month pace of 5.4% in November to reach $63.2bn.

That was significantly less than the $68.3bn that economists had penciled-in.

In comparison to October, exports rose by 0.7% to reach $136.4bn while imports were 1.3% lower to $199.6bn.

Overseas sales of automotive vehicles and consumer goods rose the most, increasing by 3.4% and 2.6% to reach $13.41bn and $17.05bn, respectively.

Against October, imports of consumer goods dropped by 2.2% to $51.2, those of capital goods by 2.0% to $55.44bn and those of 'other goods' by 6.8% to reach $9.81bn