The US trade deficit shrank nearly 29 percent in November, the largest decline in 12 years, as weak consumer demand and plummeting oil prices caused imports to sink by a record amount. The $40.4 billion trade gap was the lowest since November 2003, the Commerce Department said in its monthly report on Tuesday, and another sign of how the global financial crisis has damaged world commerce. Both US imports and exports declined for the fourth consecutive month after hitting record peaks in July. US imports in November fell a record 12 percent to $183.2 billion as exports fell 5.8 percent in to $142.8 billion. Total US goods exports were the lowest since June 2007.
