WASHINGTON: The US trade gap shrank in February on the back of an unexpected drop in imports, mainly from China, according to Commerce Department data released Thursday.
The trade deficit fell to a seasonally adjusted $46 billion, from a revised $52.5 billion in January, sharply below the average analyst estimate of $53 billion.
Imports dived 5.2 percent from January, the steepest monthly decline in three years.
The sharp drop was seen not only in imports of industrial supplies and materials, down 2.3 percent, including a 17 percent dive in crude oil, but also in other goods categories: consumer goods (-6.3 percent), food (-6.3 percent) and automobiles and parts (-4.2 percent).
The nation's balance of trade in goods and services is often difficult to adjust for seasonal variations because of the Chinese lunar new year.
This year, the slowdown in exports from China, the United States's biggest source of imports, has been more pronounced than in recent years.
Excluding China, imports fell only slightly.
US exports, meanwhile, edged up 0.1 percent.
Comments
Comments are closed for this article.