A small silver lining to the economic recession is a dramatic decline in the trade deficit. From the BEA the December 2008 highlights are:

Deficit $39.9B, down from $41.6B in November, the lowest in 6 years.
BEA:

Exports of services decreased $0.2 billion to $45.1 billion, and imports of services decreased $0.1 billion to $33.4 billion.

It appears industrial supplies and materials and autos is where the biggest declines lie. Note the ratio on services. It's unclear why the imports declined at half the rate of exports (outsourcing?).

The AP quotes estimates at a 55% trade deficit plunge for 2009, most due to oil and manufacturing.