Unexpectedly, the U.S. trade deficit shrank to $58.2 billion in November from 58.8 in October, helped by rising U.S. exports and falling oil prices, the Commerce Department said Jan. 10. The deficit declined in November to its lowest level since July 2005.

The Commerce Department report showed, as in October, that tumbling crude oil prices contributed to a lowering of the deficit.

Imports rose 0.3% to $183 billion while exports increased 0.9% to $124.8.

A slight pullback in the U.S. trade deficit with China also helped trim November's overall trade gap. The trade deficit with China fell 5.9% to $22.9 billion in November from $24.4 billion in the prior month.

The deficit with the EU increased 0.5% to $9.5 billion, and shrank 4.2% with Japan to $7.9 billion. The U.S. deficit with Canada declined 0.8% to $5.4 billion.