Credit, Economy and Financial News from TruckingFactor.com

U.S. Trade Deficit Down for Sixth Consecutive Month

The U.S. trade deficit shrank 9.7% to $36 billion in January, its smallest level since October 2002, as both imports and exports tumbled in the face of shrinking global demand. The deficit has now declined for a record six consecutive months. Exports of goods and services fell 5.7% from December and imports plunged 6.7%. The decline in imports and exports reflects an economic downturn that has spread across the globe. Total world trade is expected to fall this year for the first time since 1982 as businesses and consumers rein in spending. The politically sensitive trade deficit with China grew 3.5% in January as U.S. exports to China fell at a faster clip than U.S. imports from that country.

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Date Last Updated: 03/18/2009