U.S. exports outpace imports in February

U.S. exports outpace imports in February

   U.S. exports of goods and services in February recorded their largest one-month increase since September 1996, helping to decrease the U.S. international trade deficit to $42.1 billion from $43.5 billion in January.

   Merchandise imports rose 1.7 percent to $112.3 billion, but exports of merchandise climbed faster, 5.1 percent, to $65.1 billion from $61.9 billion, as overall exports reached $92.4 billion compared to total imports of goods and services of $134.5 billion.

   The Census Bureau attributed the increase in exports from January to February to growth in exports of capital goods ($1.5 billion); industrial supplies and materials ($700 million); consumer goods ($300 million); automotive vehicles, parts and engines ($300 million); and foods, feeds and beverages ($100 million).

   The goods deficit with China decreased to $8.3 billion in February from $11.5 billion in January on the strength of exports of industrial machines, raw cotton and civilian aircraft. The goods deficit with the European Union increased to $7.4 billion from $5.9 billion. The goods deficit with Japan rose to $6.1 billion from $5.3 billion. The February deficit with Mexico, $3.6 billion, was the highest in almost a year.