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U.S. Trade Deficit Narrows Most in 12 Years as Oil Prices, Demand Collapse

U.S. Trade Gap Narrows to 5-Year Low on Import Slump

Jan. 13 (Bloomberg) -- The U.S. trade deficit 29 percent in November, the most in 12 years, as tumbling oil prices and a slump in consumer spending slashed imports.

The gap shrank more than forecast to $40.4 billion, the smallest since November 2003, from a revised $56.7 billion in October, the Commerce Department said today in Washington. Americans bought 12 percent fewer goods and services from overseas, sending imports to the lowest level in three years.

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