US Trade Deficit Shrank in February
In February 2017, the US trade deficit stood at $43.6 billion compared to $45.6 billion in February 2016. In February 2017, exports of goods and services stood at $192.9 billion, compared to $180.7 billion in February 2016. In February 2017, imports of goods and services stood at $236.4 billion, compared to $226.3 billion in February 2016.
The seasonally adjusted trade deficit in February stood at $43.6 billion, down from $48.2 billion in January, a decrease of $4.6 billion or 9.6 percent. Exports increased $400 million from $192.5 billion in January to $192.9 billion in February. Imports decreased $4.3 billion from $240.7 billion in January to $236.4 billion in February.
“While we’ve seen an improvement in the trade figures between January and February, we continue to be very focused on eliminating our nation’s trade imbalance,” said Commerce Secretary Wilbur Ross. “Just last week, President Trump issued two executive orders, the first of which directs Commerce to lead a comprehensive review of our trade deficits and foreign violations of trade our trade rules. The second provides a mechanism by which we will collect all duties from importers who are cheating. This administration is determined to achieve free and fair trade, to protect hard working Americans, and to grow our economy.”
The increase in exports of goods was driven by consumer goods which increased $700 million to $17.1 billion and military and other goods which increased $500 million to $4.9 billion. The decrease in imports of goods were driven by consumer goods which decreased $3.1 billion to $49.0 billion and automotive vehicles, parts, and engines which decreased $2.6 billion to $29.1 billion. There was a services surplus for the month of $21.4 billion.