The U.S. trade deficit contracted by the most in nearly 14 years in November as slowing domestic demand amid higher borrowing costs depressed imports.

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The trade deficit decreased 21.0% to $61.5 billion, the lowest level since September 2020, the Commerce Department said on Thursday. The percentage decline in the trade gap was the largest since February 2009.

Imports tumbled 6.4% to $313.4 billion, with goods dropping 7.5% to $254.9 billion. Consumer goods imports were the lowest since December 2020.

(Edited by : Pradeep John)

First Published:Jan 5, 2023 8:45 PM IST