by Calculated Risk on 4/12/2011 08:52:00 AM

The Department of Commerce reports:

[T]otal February exports of $165.1 billion and imports of $210.9 billion resulted in a goods and services deficit of $45.8 billion, down from $47.0 billion in January, revised. February exports were $2.4 billion less than January exports of $167.5 billion. February imports were $3.6 billion less than January imports of $214.5 billion.

Click on graph for larger image.

The first graph shows the monthly U.S. exports and imports in dollars through February 2011.

Both imports and exports declined slightly in February (seasonally adjusted). Still exports are now above the pre-recession peak.

The second graph shows the U.S. trade deficit, with and without petroleum, through February.

The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

The petroleum deficit decreased in February as the quantity declined even as import prices continued to rise - averaging $87.17 in February, up from $72.92 in February 2010. Prices will be even higher in March and April. The trade deficit with China was $18.8 billion (NSA) in February. The oil and China deficits are essentially the entire trade deficit.

The trade deficit was larger than the expected $44 billion.