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The phrase "dwindle by" is grammatically correct and commonly used in written English.
It means to gradually decrease or become smaller in number or amount. Example: The number of attendees at the conference dwindled by 50% over the course of the week.
Exact(17)
That means the upstate population has continued to dwindle, by about 40,000 residents.
The possibilities dwindle by the hour as their session comes to an end on Thursday.
Honeybee swarms usually become obvious at the end of April and begin to dwindle by late July.
Analysts said that the spring uptick started in April and was likely to dwindle by October, when weak demand typically drags down home prices.
Thailand's economy, according to our seers' average, will dwindle by 0.4% in 1999, after shrinking by an estimated 7.8% in 1998.
Scientists say Greece's water reserves could dwindle by a quarter by 2030 because of rising temperatures and a decrease in rainfall.
Similar(39)
Vermont's under-18 population dwindled by 14 percent.
The selection often dwindles by mid-afternoon, hours before closing.
The assets of a broader universe of quant hedge funds have dwindled by about $50 billion.
P.S. 89's enrollment has dwindled by almost half since Sept. 11, to 218 from 415.
But estimates for Christmas sales of its Jesus phone are dwindling by the day.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com