WASHINGTON (MarketWatch) - The U.S. trade balance with the rest of the world plunged by 29% to $40.4 billion in November on a record decline in oil prices and much weaker demand for imports, the Commerce Department reported Tuesday. Imports fell a record 12% to $183.2 billion, the lowest level in two and a half years, as the average price of imported petroleum dropped by $25.30 a barrel to $66.72. Exports fell 5.8% to $142.8 billion, led by weakening foreign demand for industrial supplies and capital goods. The nominal trade deficit was much lower than the $50 billion expected by economists surveyed by MarketWatch. October's trade gap was revised lower to $56.7 billion from $57.2 billion.
