Nov. trade gap drops to $49.3B as cell phone imports slump
The U.S. international trade gap narrowed to $49.3 billion in November from $55.7 billion in October, the Commerce Department reported Wednesday.
Economists polled by IFR Markets expected the gap to narrow to $54.0 billion.
Exports fell on a $1.4 billion decline in industrial supplies and materials, while imports dropped as consumer goods decreased $4.3 billion led by a $2.3 billion fall in cell phones and other household goods, Commerce said.
The trade gap with China dropped on a decline in imports. The gap with Canada also fell on a decline in imports, while the deficit with Taiwan rose slightly as exports slipped and imports gained.