November’s $2.2B trade deficit missed expectations by $1.5B, expanding over last month’s print…

… on the back of a ~3% decline in exports, led by a three-year low in vehicles (down 12%) and a 24% drop in precious metals…

… reversing course from October’s record print.

Imports declined slightly, driven by a mixed bag at the category level…

… but the geographic split was more telling, with U.S. imports falling 5% (three-year low) and other international imports jumping 8% to a new record.