Lower Imports Narrowed U.S. Foreign Trade Deficit in February

The U.S. international trade deficit in goods and services decreased $7.2 billion to $35.4 billion in February, as the decline in imports outpaced the decline in exports.

The goods deficit declined by $7.4 billion to $55.2 billion, the service surplus decreased to $19.7 billion, and the petroleum deficit declined $2.6 billion to $8.1 billion.

Exports decreased by $3.0 billion to $186.2 billion, primarily due to a $2.9 billion decline in goods exports driven by decreased capital goods and industrial supplies and materials exports. Exports of services decreased $100 million to $60.6 billion.

Imports decreased by $10.2 billion to $221.7 billion, driven by a $10.3 billion decline in goods imports to $180.8 billion. The decrease was driven by a $4.4 billion decline in industrial supplies and materials imports. Imports of services increased $100 million to $40.9 billion.

The deficit with China decreased by $2.0 billion to $27.3 billion, as the decrease in imports was larger the decrease in exports.

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