U.S. Trade Deficit Narrows to Lowest Level Since 2009, Amid Rising Energy Production

The Commerce Department reported on Tuesday that the U.S. trade deficit, the dollar-value difference between American imports and exports, shrank 12.9 percent to $34.3 billion in November.

The figure beat analyst expectations of a deficit of $40.00 billion. The deficit figure from October was revised to $39.3 billion from the previously reported $40.6 billion.

Exports hit a record high, rising 0.9 percent, boosted by increased sales of oil. U.S. exports to China rose to a record 8.7 percent while exports to Germany and Japan also increased.

Meanwhie, imports fell 1.4 percent from October, amid reduced demand for foreign oil. Imports of industrial supplies and materials fell to their lowest levels in three years, while auto imports reached a record high.

Robust U.S. Energy Production

The rise in U.S. energy production played a substantial role in the strength of exports, with petroleum exports posting a record high in November. Petroleum purchases fell to their lowest level since 2010, impacting the level of imports.

Related: Bitcoin Rallies Above $1,000 in Early 2014 Trading

U.S. Dollar Index Daily Chart