TraderWise

The US Commerce Department said today that a 6.6. percent decline in imports in January, resulted in a reduction of the US trade deficit to $37.3 billion, from $39.9 billion in December. A dramatic reduction in imports of oil and foreign automobiles was the main reason for the decline. The trade deficit decline caught many analysts by surprise; earlier predictions called fro a widening of the trade gap to $41 billion.