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November 12, 2009

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Trade gap narrows, imports decline

Wednesday, March 12, 2003 | 9:48 a.m.

WASHINGTON -- The U.S. trade deficit narrowed in January from a record as Americans bought fewer foreign-made goods in a slowing economy and exports rose, a government report showed today.

The trade gap in goods and services was $41.1 billion, trailing only December's revised $44.9 billion deficit, the Commerce Department said. In 2002, the deficit reached a record $435.7 billion.

Growth forecasts are declining as consumers rein in spending and business investment lags, suggesting that Americans may import fewer goods. U.S. economic growth may ebb this year to 2.3 percent from 2.4 percent in 2002, a University of California study said today.

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