WASHINGTON — The November trade balance dropped to a $40.4 billion deficit, its lowest since November 2003 as imports fell $25 billion on the back of falling oil prices and collapsing world economies.

In imports, there was a $14.2 billion drop in oil and related products, a $1.2 billion decline in autos, and a $3.8 billion slip in consumer goods (pharmaceuticals, televisions, and other).

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