The U.S. current account deficit has been falling since 2005 and, as of Q1 2009, was back to 2002 levels in dollar terms. U.S. imports and exports of goods and services peaked and began falling in July 2008, with the shrinking of global trade. Since U.S. imports fell faster than exports in the current recession, the current account deficit has improved and the increase in the U.S. fiscal deficit was more than compensated by a sharp rise in private savings, which caused a decline in U.S. borrowing from the rest of the world. The room for further improvement in the trade balance may be limited as the sharp fall in imports in the current recession could be reversed if U.S. imports get a boost from inventory restocking in late 2009 and 2010, a resurgence of domestic consumer spending, or an upward climb in oil prices. While the improving global manufacturing activity has led to a boost in exports, lower U.S. imports are hitting export-oriented economies, which in turn is putting pressure on demand for U.S. consumer exports.