Based on that calculation, international trade was a significant source of economic growth for the United States last year, said Mark Zandi, the chief economist of Moody's Analytics. Overall, Americans shifted from buying a larger proportion of imported goods during pandemic lockdowns to spending more on services, like dining, entertainment and travel, which are less likely to be imported. "This was a big swing from 2020 and 2021, when trade was a major drag on growth and the deficit ballooned out," Mr. Zandi said, adding that "a weak global economy will be a headwind to U.S. exports and further improvement in the trade deficit this year