Financial News: U.S. Trade Deficit Widens Less Than Expected To

U.S. Trade Deficit Widens Less Than Expected To $57.3 Billion In February

(RTTNews) - A report released by the Commerce Department on Thursday showed the U.S. trade deficit increased by less than expected in the month of February.

The Commerce Department said the trade deficit widened to $57.3 billion in February from a revised $54.7 billion in January.

Economists had expected the trade deficit to jump to $60.1 billion from the $54.5 billion originally reported for the previous month.

The wider trade deficit came as the value of imports surged by slightly more than the value of exports.

The report said the value of imports spiked by 4.3 percent to $372.1 billion in February after falling by 0.6 percent to $356.9 billion in January.

Imports of capital goods such as computers saw a substantial increase, while imports of industrial supplies and materials, consumer goods and automotive vehicles, parts, and engines also climbed.

Meanwhile, the Commerce Department said the value of exports shot up by 4.2 percent to $314.8 billion in February soaring by 5.6 percent to $302.2 billion in January.

The report showed a sharp increase in exports of industrial supplies and materials, particularly non-monetary gold.

The Commerce Department also said the goods deficit widened to $84.6 billion in February from $82.1 billion in January, while the service surplus shrank to $27.3 billion in February from $27.5 billion in January.

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