by Calculated Risk on 4/12/2012 09:09:00 AM
Thursday, April 12, 2012
Trade Deficit declined in February to $46 Billion
The Department of Commerce reported:
[T]otal February exports of $181.2 billion and imports of $227.2 billion resulted in a goods and services deficit of $46.0 billion, down from $52.5 billion in January, revised. February exports were $0.2 billion more than January exports of $180.9 billion. February imports were $6.3 billion less than January imports of $233.4 billionThe trade deficit was well below the consensus forecast of $51.7 billion.
The first graph shows the monthly U.S. exports and imports in dollars through January 2012.
![U.S. Trade Exports Imports](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm39Pt4Fthvo6QkA281U8MrmO6aWNCjruYmPZyyHArBdCbTpFcL8eCBsU9nhgmoCQ-621D8PdnM2WhMHCXU7BjY_3rYw5u7v3TtYcnWnRVs_042Yc78NUpylRkcpC5uqI43cPo/s320/TradeBalanceFeb2012.jpg)
Exports increased slightly in February, while imports decreased sharply. Exports are well above the pre-recession peak and up 9% compared to February 2011; imports are near the pre-recession high and imports are up about 8% compared to February 2011.
The second graph shows the U.S. trade deficit, with and without petroleum, through February.
![U.S. Trade Deficit](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEie7vjo0je6aAtg4g5VrHb970ZpkabbM5pHKT7RqD_dmHkHfDdsJo1gL_jaKsbp5EMqNSFnHI3YXC3riE4kq_h4YRjANtr6FKABy7iLgNNAO5rOFlmRHMQtOnBxkukWU3exGcMz/s320/TradeDeficitFeb2012.jpg)
Oil averaged $103.63 per barrel in February, down slightly from January. The decline in imports was a combination of less petroleum imports and less imports from China.
Exports to the European Union were $22.5 billion in February, up from $20.0 billion in February 2011.