US Trade Deficit Narrows to Smallest in Nearly Two Years

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The US trade deficit has narrowed to its smallest level in nearly two years, according to new data released by the Department of Commerce. The deficit, which measures the difference between the value of goods and services the US imports and exports, stood at $68.3 billion in November 2020. This marks a significant decrease from the $74.4 billion deficit recorded in October 2020 and is the smallest deficit seen since January 2020. The narrowing of the trade deficit can be attributed to a decrease in imports and an increase in exports, particularly in the areas of capital goods and automotive products.

The improvement in the trade deficit will likely be welcomed by economists and policymakers, as it can be seen as a positive indicator of the overall strength of the economy.