The U.S. Commerce Department reported on Tuesday that U.S. the goods and services trade deficit narrowed to $43.1 billion in November from a revised $46.9 billion in the previous month (originally a gap of $47.2). This represented the lowest trade gap since October of 2016.

Economists had expected a deficit of $43.8 billion.

According to the report, the November decline in the goods and services deficit reflected a decrease in the goods deficit of $3.9 billion to $63.9 billion and a drop in the services surplus of less than $0.1 billion to $20.8 billion.

Exports of goods and services from the U.S. rose 0.7 percent m-o-m to $208.6 billion in November, while imports fell 1.0 percent m-o-m to $251.7 billion.

Year-to-date, the goods and services deficit declined 0.7 percent from the same period in 2018. Exports reduced less than 0.1 percent, while imports edged down 0.1 percent.