Credit, Economy and Financial News from TruckingFactor.com

Trade Deficit Plunges as Imports Wane

The U.S. trade deficit plunged in February to the lowest level in more than nine years as the recession pushed imports down for a seventh straight month while U.S. exports managed a small rebound. The Commerce Department said the deficit dropped 28.3% to $25.97 billion, the smallest gap since November 1999. It marked the seventh consecutive month the deficit has declined as the recession has cut sharply into demand for imported products. The politically sensitive deficit with China fell 31%.

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Date Last Updated: 04/20/2009