US Trade Deficit Unexpectedly Narrows as Services Surplus Rises

The US trade deficit unexpectedly narrowed in November, driven by a pickup in services exports and a slight decline in imports of merchandise.

The deficit in goods and services trade shrank 2% from the prior month to $63.2 billion, Commerce Department data showed Tuesday. The median estimate in a Bloomberg survey of economists called for a $64.9 billion gap.

The value of imports and exports each decreased 1.9%. The figures aren’t adjusted for inflation.

Despite the November decline, merchandise imports remain elevated against a backdrop of resilient consumer spending. US exports of services climbed for a fourth month, to ...