International Trade Goods Deficit Narrows

November's international trade goods deficit narrowed to $60.5 billion from the revised $63.0 billion in October. October's estimate previously was minus $58.4 billion. Expectations were for a deficit of $60.9 billion. Both exports and imports continued to decline on the month. Goods exports were down 2.0 percent while imports were 1.8 percent lower. Weak categories for imports were industrial supplies & materials and capital goods excluding auto. Export categories showing weakness include foods/feeds/beverages, industrial supplies and consumer goods excluding autos.

Recent History Of This Indicator:
International trade in goods came in at what is a comparatively narrow gap of $58.4 billion in October but forecasters don't see the improvement continuing. The November consensus is $60.9 billion in what would still, however, at least for quarterly comparisons, point to improvement from the deeper deficits of the third quarter. Goods exports have been depressed and are a central factor slowing the nation's economy. Imports were also soft in October, hinting at weak business expectations for the holiday shopping season.