Financial News: U.S. Trade Deficit Unexpectedly Widens To Largest Since

U.S. Trade Deficit Unexpectedly Widens To Largest Since Last April

04/04/2024 - 10:47:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Thursday showed the U.S. trade deficit unexpectedly widened in the month of February.

The Commerce Department said the trade deficit increased to $68.9 billion in February from a revised $67.6 billion in January.

Economists had expected the trade deficit to narrow to $67.0 billion from the $67.4 billion originally reported for the previous month.

The wider trade deficit in February matched the largest gap between imports and exports since the deficit reached $72.2 billion last April.

The increase in the size of the trade deficit came even though the goods deficit narrowed to $91.4 billion in February from $91.7 billion in January, as the services surplus shrank to $22.5 billion from $24.1 billion.

The report said the value of imports of services spiked by 3.9 percent to $63.8 billion amid notable increases in imports of travel and transport services. The value of export of services climbed 1.0 percent to $86.4 billion.

The total value of imports surged by 2.2 percent to $331.9 billion in February after jumping 1.2 percent to $324.8 billion in January.

The value of imports reached the highest level in well over a year amid the surge in imports of services as well as notable increases in imports of cell phones and other household goods; foods, feeds, and beverages; and automotive vehicles, parts, and engines.

Meanwhile, the value of exports shot up by 2.3 percent to a record high of $263.0 billion in February after inching up by 0.1 percent to $257.2 billion in January.

Increases in exports of industrial supplies and materials, including crude oil; foods, feeds, and beverages; and civilian aircraft more than offset a decrease in exports of automotive vehicles, parts, and engines.

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