The trade deficit of the United States of America slipped in November due to a steady decline in cellphone and petroleum product imports. As economists lifted their growth estimates for the fourth quarter, the trade deficit came down in a first in the past six months.
On Wednesday, the US Department of Commerce reported on the consumer goods drop — an effect of the recent stockpiling as the trade war between China and the US tightened,
Some economists are of the view that this slowdown increased the chances of the new labor talk. The only silver lining is that it will ramp up the GDP in the fourth quarter.
In November, the trade deficit slipped 11.5% to $49.3 billion. Before November, it had risen for five straight months.
The government shutdown further affected the release of the data.
The trade deficit with China slid to $37.9 billion in November from $43.1 billion in October.
The total trade deficit has been on higher levels due to new Trump policies and tariffs.
The goods trade deficit, after adjusting for inflation, fell $7.5 billion to $80.8 billion in November. In the last month, imports of goods and services went down 2.9% to $259.2 billion. Consumer goods imports declined $4.3 billion.
Petroleum product imports shed $1.4 billion while crude oil imports dropped $0.7 billion. November crude oil price was the lowest since April, at $57.54 a barrel.