U.S. trade deficit narrows in 2019 for first time in six years
The trade deficit dropped 1.7% to $616.8 billion last year, declining for the first time since 2013. That represented 2.9% of GDP, down from 3.0% in 2018.
Goods imports plunged 1.7% last year, also the first decrease in three years. The United States imported 2.4 billion barrels of crude oil, the fewest since 1992, as the country significantly reduced its dependence of foreign oil amid a surge in production and exploration.
It also imported fewer capital and other goods. The 1.3% tumble in exports was led by decreases in shipments of capital goods, industrial supplies and materials, and other goods.