The U.S. trade deficit plunged unexpectedly in February to the lowest level in more than nine years as the steep recession pushed imports down for a seventh straight month while U.S. exports managed a small rebound. The Commerce Department said today that the deficit dropped a sharp 28.3 percent to $25.97 billion, the smallest gap since November 1999. It marked the seventh consecutive month the trade deficit has declined as the severe U.S. recession has cut sharply into demand for imported products. Wall Street economists surveyed by Thomson Reuters had expected the trade deficit to widen to $36.4 billion in February. The deficit with China fell 31% to the lowest level in three years while the trade gap with Japan dropped to the smallest point in 24 years.
Trade deficit falls for seventh straight month
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