U.S. Trade Deficit Narrows - NYTimes.com WASHINGTON - The current account trade deficit in the United States narrowed in the second quarter, pushed lower by an increase in American exports and cheaper oil imports, the Commerce Department said Tuesday. The deficit decreased 12.1 percent to $117.4 billion in the April-June period. That's down from a deficit of $133.6 billion in the January-March quarter, which had been the largest in three years. The current account is the broadest measure of trade. It tracks the sale of merchandise and services between nations as well as investment flows. Economists watch the current account as a sign of how much the United States needs to borrow from foreigners. The current account deficit hit a high of $800.6 billion in 2006. It then shrank after a deep recession reduced American demand for foreign goods by a greater amount than export sales were dampened. The trade gap began widening again after the recession ended in June 2009.