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U.S. Trade Deficit Continues to Narrow, Drops to $49B in February
The U.S. trade deficit continued to drop in February, and the deficit with China, a key trade partner, also narrowed. The Commerce Department reported Wednesday the goods and services deficit was $49.4 billion in February, down $1.8 billion from $51.1 billion in January.
The deficit with China decreased $3.1 billion to $30.1 billion in February. Exports increased $1.6 billion to $9.2 billion, and imports decreased $1.5 billion to $39.3 billion.
This was the second straight month for the gap between the goods and services that the U.S. sells and what it buys from the rest of the world fell. The 3.4% drop in February is the lowest deficit gap since June.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis reported February exports were $209.7 billion, $2.3 billion more than January. Imports in February were $259.1 billion, $0.6 billion more than January.
Year-to-date, the goods and services deficit decreased $8.3 billion, or 7.6%, from the same period in 2018. Exports increased $11.1 billion or 2.7%. Imports increased $2.8 billion or 0.5%.
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- ◦Economy
