Hi,
In order to reduce the size of your iMovie library you must delete the Event, not just the clip, from iMovie. Deleting the Event will delete all of the clips in the event. Another way is to select the clip and do a File/Reveal in Finder. An original media folder will pop up displaying your selected clip as highlighted. Other clips in the project media also will be displayed. If you delete clips them from there you will be deleting them from your iMovie library and reducing the size of it.
WARNING: Deleting Events or clips from your iMovie library will delete the clips from all projects in which they are being used. So, you will be disabling your projects and effectively losing them.
A better way to manage space on your computer is to store your library on an external drive formatted MAC OS Extended (Journaled). You can also move projects to a library on an external drive. Here's an online help link that will explain how to work with multiple libraries:
https://help.apple.com/imovie/mac/10.1/#/mov3fa25bae7
-- Rich