The United States trade deficit unexpectedly increased in February, as imports of automobiles and machinery grew faster than record-high exports. The deficit grew by 5.7 percent to $62.3 billion in February, the highest figure since November, from a revised $59 billion in January, the Commerce Department announced Thursday.
Imports of goods and services grew by 3.1 percent to $213.7 billion, the highest growth rate in almost a year, despite a decline in the value of imported petroleum and a drop in shipments from China. The U.S. imported $37.7 billion worth of petroleum products in February, down about $2 billion from January. It was the first such monthly decline in a year. Boosted by a weaker dollar, American exports in February increased to $151.4 billion, up 2 percent from January, on sales of fuel oil, autos, food oils and corn.
The trade gap with China in February dropped to $18.4 billion, down from $20.3 billion in January. It was the lowest monthly deficit since March 2007 as exports to China rose by nearly $300 million from January. Imports from China fell by about $2.5 billion. February is historically a slack month for bilateral trade with China, and Peter Morici, a professor at the University of Maryland’s Robert H. Smith School of Business, said he expects this figure to rise in March. While the average price of an imported barrel of oil rose to a record-high $84.76 from $84.09 in January, the trade deficit in petroleum decreased to $31.4 billion in February from $35.8 billion.
Journal of Commerce
