The U.S. trade balance (deficit) narrowed in November to the smallest in three years as exports advanced amid a thaw in the trade war with China, while imports fell to the lowest since 2017.

The overall U.S. deficit in goods and services shrank to $43.1 billion in November from $46.9 billion the prior month - the smallest deficit sine October 2016 (before Trump's election)

Source: Bloomberg

The figures also suggest the gap may shrink on an annual basis for the first time since 2013.

Aircraft exports decreased notably (Boeing) but Agricultural exports improved...

Overall exports of goods and services in November rose 0.7% to $208.6 billion, including gains in consumer goods, capital goods and soybeans.

Imports fell 1% to $251.7 billion, with declines in civilian aircraft, consumer goods and petroleum products.

Additionally, in nominal terms, the petroleum surplus edged up to a record $832 million, further boosting America’s new status as a net exporter.

Source: Bloomberg

As Bloomberg notes, the report indicates trade is on track to contribute to fourth-quarter economic growth after having weighed on gross domestic product for the previous two periods, though the shift reflects more of a drop in imports than a gain in exports.

So the question is - Is Trump winning again?