Credit, Economy and Financial News
Trade Deficit Falls to Six-Year Low
With the recession curbing demand for imports, the U.S. trade deficit fell to its lowest level in nearly six years. The Commerce Department reported that the deficit fell 4% to $39.9 billion, from $41.6 billion in November. It was the smallest imbalance since a $39.7 billion deficit in February 2003. For the 2008 year, the deficit shrank by 3.3% to $677.1 billion. The 2008 deficit was the lowest since 2004, and economists believe the 2009 deficit will be half the size of last year's imbalance. While lessening the trade gap is desired, the reason behind the shrinking imbalance is a deep recession that is cutting demand for imports of oil, autos and other foreign-made products. Exports of U.S. goods and services in December dropped 6% to $133.8 billion, as the recession has spread to other countries, curbing demand for U.S. goods. Imports fell 5.5% in December to $173.7 billion. Imports of petroleum products declined 6.7% to $22.3 billion, the lowest level in 22 months, as the average price of an imported barrel of crude oil dropped to $49.93.
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Date Last Updated: 02/17/2009
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If your business is a manufacturing plant, distributor,
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