By: Janet Freas
The Nation’s international trade deficit in goods and services decreased to $45.8 billion in February from $47.0 billion (revised) in January, as imports decreased more than exports. A $13.6 billion surplus in services and a $47.2 billion exports of services were records.
Exports decreased to $165.1 billion (1.4%) driven primarily by automotive vehicles, parts, and engines ($1.0 billion); industrial supplies and materials ($0.6 billion); and other goods ($0.5 billion). The January to February exports of semiconductors to China decreased $109.0 million to $365.9 million.
Imports decreased to $214.5 billion (1.7%) driven by automotive vehicles, parts, and engines ($2.3 billion); capital goods ($2.1 billion); and industrial supplies and materials ($1.4 billion). Imports of foods, feeds, and beverages ($8.7 billion) and consumer goods ($44.1 billion) were the highest on record. The February quantity of crude oil imports (242 million barrels) was the lowest since February 1999 (234 million barrels).