The U.S. Commerce Department reported the U.S. the goods and services trade deficit narrowed by 11.5 percent m-o-m (or $6.4 billion) to $49.31 billion in November from a revised $55.70 billion in October (originally a gap of $55.49 billion). 

Economists had expected a deficit of $54 billion. 

According to the report, the November decrease in the goods and services deficit reflected a drop in the goods deficit of 8.5 percent m-o-m (or $6.67 billion) to $71.59 billion, while services surplus reduced marginally (-1.3 percent m-o-m to $22.28 billion).

November exports were $209.87 billion, down 0.6 percent m-o-m, while November imports stood at $259.19 billion, down 2.9 percent m-o-m. 

Year-to-date, the goods and services deficit surged 10.4 percent y-o-y (or $51.88 billion). Exports rose 7.3 percent y-o-y, while imports boosted 7.9 percent y-o-y.