February Sees Surge in US Trade Deficit Amidst Decline in Exports

Key Takeaways

• US goods trade deficit reached $91.6 billion in February
• Exports of goods declined by $6.7 billion to $167.8 billion
• Imports of goods decreased by $6.2 billion to $259.5 billion compared to January
• Advanced wholesale inventories increased by 0.2% monthly to $920.3 billion

Overview

According to a preliminary report released by the US Census Bureau on Tuesday, the trade deficit in goods for the United States continued to increase in February, reaching $91.6 billion. This represents a rise of $0.5 billion from the previous month’s deficit of $91.1 billion.

During the reported month, the country’s exports of goods declined by $6.7 billion to $167.8 billion, while imports of goods decreased by $6.2 billion to $259.5 billion compared to January.

In February, advanced wholesale inventories increased by 0.2% on a monthly basis to $920.3 billion, which is a year-on-year surge of 12.2%. Furthermore, advanced retail inventories saw a 0.8% increase from January, reaching $747.3 billion, indicating an annual growth of 10.8%.