The US Census Bureau and the US Bureau of Economic Analysis announced Thursday that the US goods and services deficit fell 0.3 percent from $38.4 billion in October to $38.3 billion in November on $159.6 billion in exports, and $198 billion in imports. November exports increased $1.2 billion over the month and imports rose by $1.1 billion. From November 2009 to November 2010, the goods and services deficit increased by $3 billion, and exports were up $20.7 billion, or 14.9 percent, while imports were up $23.7 billion, or 13.6 percent.
Growing global demand a weak US dollar are the expected causes of exports climbing to the highest level in over two years.
In November, the trade deficit narrowed in Canada as well according to Statistics Canada. Canada's trade deficit was C$81 million (US$82 million) in November, compared to C$1.5 billion (US$1.5 billion) in October. Canadian imports fell 3.2 percent to C$34.4 billion (US$34.7 billion) in November, while exports increased 0.8 percent to C$34.3 billion (US$34.6 billion).