Oil was large part of reduced import activity.
The U.S. trade deficit dropped $3.2 billion in November to $39 billion, largely due to a $2.2 billion reduction in crude oil imports as domestic oil shale production surged, according to the U.S. Bureau of Economic Analysis.
November exports were $196.4 billion, $2 billion less than October exports, while imports were down $5.2 billion to $235.4 billion. Exports are being tamped down by the high value of the U.S. dollar, which last week reached an 11-year high against a basket of 16 other currencies. A strong dollar makes U.S. goods more expensive relative to products denominated in those currencies.
The goods deficit fell $3.3 billion to $58.3 billion.
Year-to-date, the goods and services deficit has increased 5.1 percent, or $22.3 billion from the same period in 2013.
U.S. trade deficit dips in November
