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Last Update: 05-Apr-13 09:06 ET
Trade Deficit Narrows on Strong Petroleum Exports in February
The U.S. trade deficit narrowed in February, dropping from $44.5 bln in January to $43.0 bln. The Briefing.com consensus expected the deficit to increase slightly to $44.7 bln. The goods deficit fell by $1.5 bln from $61.7 bln in January to $60.2 bln in February. The services surplus was virtually unchanged at $17.3 bln. Exports rose by $1.6 bln to $186.0 bln in March from $184.4 bln in February. The increase in exports was almost completely the result of an increase in petroleum sales.
Petroleum-based exports increased $1.1 bln to $10.9 bln. That lowered the petroleum trade deficit to $21.2 bln from $24.3 bln. Other export sectors that saw gains included automotive (+$0.2 bln) and other goods (+0.5 bln). Imports were unchanged in March at $228.9 bln. Demand for industrial supplies and materials declined as imports of these goods fell $2.6 bln. This was offset by a $1.1 bln increase in automotive imports and a $0.7 bln increase in consumer goods imports.
Petroleum-based exports increased $1.1 bln to $10.9 bln. That lowered the petroleum trade deficit to $21.2 bln from $24.3 bln. Other export sectors that saw gains included automotive (+$0.2 bln) and other goods (+0.5 bln). Imports were unchanged in March at $228.9 bln. Demand for industrial supplies and materials declined as imports of these goods fell $2.6 bln. This was offset by a $1.1 bln increase in automotive imports and a $0.7 bln increase in consumer goods imports.
