Rob Wood, Berenberg Bank
"There are good and bad aspects, I think. There were some encouraging signs of stabilisation in exports to the EU which rose substantially on the month. On the other hand, exports to non-EU countries fell quite a bit.
"These figures can be volatile from month to month so I don't want to read very much into those one-month moves. The overall trade balance was disappointing, in line with expectations. I think he best way to describe the economy is fragile but stable and it will remain this way for the next couple of quarters."
Howard Archer, IHS Global Insight
"While the trade deficit narrowed in November, the improvement was relatively limited and it still looks more likely than not that net trade was negative in the fourth quarter, thereby increasing the risk that there was a renewed dip in GDP.
"While eurozone economic activity may have bottomed out around October, it is still limited with little sign of any significant pick up.
"At least though, the U.S. avoiding going over the fiscal cliff and a recent easing of eurozone sovereign debt tensions has reduced the downside risks for UK exporters going forward."
"The big picture is fairly directionless. The deficit on goods and services has really just been fluctuating around £3bn or so for much of the last year.
"In some respects that is disappointing, because you would be looking for a rebalancing story to be showing up as an improvement in that position over time."
Amit Kara, UBS
"The big picture is broadly flat.
"Our own view is that the eurozone will continue to disappoint therefore all the heavy lifting will have to be done by the UK consumer."
Peter Dixon, Commerzbank
"I suspect what they confirm is that trade will act as a drag on the Q4 (GDP) numbers.
"If you look at the numbers on trade throughout 2012, it's quite evident that net trade was a drag on growth. We can only put that down to weakness in the eurozone.
"I wouldn't overdo the gloom. They weren't great numbers but were more or less in line with expectations. We didn't expect much from these numbers and didn't get much."