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Saturday, December 2, 2023
HomeNewsEconomyU.S. Trade Deficit Continues to Widen, Imports to China Outpace Exports

U.S. Trade Deficit Continues to Widen, Imports to China Outpace Exports


A Ferrari cargo crane moves shipping containing on a U.S. trade port. (Photo: Reuters)

The U.S. trade deficit in February widened by 2.6% to $47.6 billion, missing economists’ expectations for the deficit to widen to $46.2 billion. A rebound in exports was erased and offset by an increase in imports, while January’s deficit was revised higher to $45.88 billion.

When adjusted for inflation, the deficit rose to $63.3 billion, the largest since March last year and up from $61.8 billion in January. In February, exports rose 1.6% to $118.6 billion, mark the first time exports increased since September. Overall, exports of goods and services increased 1.0% to $178.1 billion.

The politically-sensitive trade deficit with China also continued to sour more than the median forecast. Imports from China fell 2.7%, but were outpaced by the fall in exports, pushing the U.S.-China trade deficit down 2.8% to $28.1 billion in February.

With data on consumer and business spending poor, the report by the Commerce Department is the latest indication that economic growth remained weak in the first quarter.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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