Oil

Trade Gap at Four-Year Low as American Oil Imports Drop

At $34.3 billion

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The trade deficit in the U.S. shrank more than forecast in November as oil imports dropped to the lowest level in three years and exports climbed to a record.

The gap narrowed 12.9 percent to $34.3 billion, smaller than projected by any economist surveyed by Bloomberg and the least since October 2009, figures from the Commerce Department showed today in Washington. The gain in sales to overseas customers was led by aircraft and chemicals.