Driving the news: China’s total exports fell for the 12th straight month in November, dropping 1.1% from a year ago, and exports to the U.S. have fallen more than 20%, according to China’s customs administration.

Economists had expected shipments to rise 1%, as retailers and companies stock up for Christmas, per Reuters.

What’s happening: The U.S. trade deficit declined 7.6% in October to $47.2 billion, the smallest since May 2018, as both imports and exports of goods fell. It was the second straight month the trade deficit has fallen and the largest drop since January.

The goods trade deficit — a key benchmark of the Trump administration — is at its lowest since September 2017.

China’s trade surplus fell to $38.73 billion in November, about $8 billion below what it was expected to be.