The US trade deficit narrowed to $37.29 billion in January, the Commerce Department said today. A 1.7% drop in imports outpaced a 0.3% drop in exports as the volume of oil imports hit its lowest level in more than a decade. The 2009 trade gap was $378.6 billion.

The US international trade deficit decreased in 2009, according to the US Bureau of Economic Analysis and the US Census Bureau. The deficit decreased from $695.9 billion in 2008 to $378.6 billion in 2009 (revised), as imports dropped more than exports. The previously published 2009 deficit was $380.7 billion. As a percentage of US gross domestic product, the goods and services deficit was 2.7% in 2009, down from 4.8% in 2008.

In January, the goods deficit decreased $2.5 billion from December to $49.4 billion, and the services surplus increased $0.1 billion to $12.1 billion. Exports of goods decreased $0.7 billion to $98.4 billion, and imports of goods decreased $3.2 billion to $147.8 billion. Exports of services increased $0.2 billion to $44.3 billion, and imports of services increased $0.1 billion to $32.2 billion.

Exports

Exports of goods and services decreased $271.9 billion in 2009 to $1,554.7 billion. Goods exports decreased $231.5 billion and services exports decreased $40.4 billion.

• The largest decreases in goods exports were in industrial supplies and materials ($91.7 billion); capital goods ($67.2 billion); and automotive vehicles, parts, and engines ($39.8 billion).
• The largest decreases in services exports were in travel ($15.9 billion); other transportation ($14.0 billion), which includes freight and port services; and royalties and license fees ($7.2 billion).

Imports

Imports of goods and services decreased $589.2 billion in 2009 to $1,933.3 billion. Goods imports decreased $554.7 billion and services imports decreased $34.5 billion.

• The largest decreases in goods imports were in industrial supplies and materials ($318.3 billion); capital goods ($84.4 billion); and automotive vehicles, parts, and engines ($73.8 billion).
• The largest decreases in services imports were in other transportation ($17.5 billion), travel ($6.7 billion), and passenger fares ($6.6 billion).

Goods by geographic area

• The goods deficit with Canada decreased from $78.3 billion in 2008 to $20.2 billion in 2009. Exports decreased $56.5 billion to $204.7 billion, while imports decreased $114.6 billion to $224.9 billion.
• The goods deficit with China decreased from $268.0 billion in 2008 to $226.8 billion in 2009. Exports decreased $0.2 billion to $69.6 billion, while imports decreased $41.4 billion to $296.4 billion.
• The goods deficit with the European Union decreased from $95.8 billion in 2008 to $60.5 billion in 2009. Exports decreased $51.0 billion to $220.8 billion, while imports decreased $86.3 billion to $281.3 billion.