by Calculated Risk on 4/05/2016 08:41:00 AM
Tuesday, April 05, 2016
Trade Deficit Increased in February to $47.1 Billion
The Department of Commerce reported:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $47.1 billion in February, up $1.2 billion from $45.9 billion in January, revised. February exports were $178.1 billion, $1.8 billion more than January exports. February imports were $225.1 billion, $3.0 billion more than January imports.The trade deficit was larger than the consensus forecast of $46.2 billion.
The first graph shows the monthly U.S. exports and imports in dollars through February 2016.
Imports increased and exports increased in February.
Exports are 7% above the pre-recession peak and down 4% compared to February 2015; imports are 3% below the pre-recession peak, and unchanged compared to February 2015.
The second graph shows the U.S. trade deficit, with and without petroleum.
Oil imports averaged $27.48 in February, down from $32.06 in January, and down from $49.53 in February 2015. The petroleum deficit has generally been declining and is the major reason the overall deficit has declined a little since early 2012.
The trade deficit with China increased to $28.1 billion in February, from $22.5 billion in February 2015 (there was a port slowdown last year impacting imports). The deficit with China is a substantial portion of the overall deficit.