"US Trade Deficit Shrinks to Lowest Level in Years, Boosting Economy"

The US trade deficit narrowed by nearly 19% in 2023, the most since 2009, as the value of imported goods decreased and the services surplus grew. This was driven by a decline in the value of imports and an increase in exports of goods and services. The narrowing of the trade gap was the first in four years and contributed to economic growth, with net exports adding to gross domestic product for seven consecutive quarters. The US merchandise deficit with China shrank by 27%, reaching its smallest level since 2010, while trade shortfalls with other countries, including Mexico, reached record highs.