Thursday, April 12, 2012

Trade Deficit Narrowed by $6.5 Billion

The U.S. trade deficit narrowed by $6.5 billion in February, the largest narrowing in three years and partially offsets the past three months widening. February’s trade gap was $46.0 billion, its lowest level since October. The trade gap has widened sharply for three consecutive months, from November to January, after steadily declining for five months.

February’s narrowing of the trade gap was led primarily by a steep 2.7% decline in imports. Much of this decline was centered in China, as imports fell during the Chinese New Year.

Exports continued to grow in February, although at a relatively modest 0.1%.

The goods deficit declined notably, dropping $5.9 billion. The services surplus continued to grow as well, contributing $0.8 billion to the narrowing. The petroleum deficit also fell to its lowest level this year.

Read the report.

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