by Calculated Risk on 4/17/2019 08:41:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $49.4 billion in February, down $1.8 billion from $51.1 billion in January, revised.

February exports were $209.7 billion, $2.3 billion more than January exports. February imports were $259.1 billion, $0.6 billion more than January imports.

Click on graph for larger image.

Exports increased and imports decreased in January.

Exports are 27% above the pre-recession peak and up 2% compared to February 2018; imports are 12% above the pre-recession peak, and down slightly compared to February 2018.

In general, trade has been picking up, although both imports and exports have declined slightly recently.

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

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.

Oil imports averaged $46.89 per barrel in February, up from $42.59 in January, and down from $54.61 in February 2018.

The trade deficit with China decreased to $24.8 billion in February, from $29.3 billion in February 2018.