The government says the U.S. trade deficit plunged in January to the lowest level in six years as a deepening recession cut demand for imported goods.
The Commerce Department said Friday the trade imbalance dropped to $36 billion in January, a decline of 9.7 percent from December and the lowest level since October 2002.
The improvement was better than economists had expected and reflected the fact that crude oil imports dropped to the lowest point in three years and demand for a wide variety of other foreign goods from autos to heavy machinery and household appliances declined.
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