The U.S.
Commerce Department reported Thursday that the U.S. goods and services trade
deficit widened by 1.9 per cent to $68.9 billion in February compared
to a revised shortfall of $67.6 billion (from $67.4 billion) in January. This was the largest trade gap since April 2023 ($72.2 billion).
Economists had predicted
a shortfall of $67.3 billion for February.
According to
the report, the February increase in the goods and services deficit reflected a
decline in the goods deficit of $0.3 billion to $91.4 billion and a drop in the
services surplus of $1.6 billion to $22.5 billion.
Overall,
exports of goods and services from the U.S. climbed by 2.3 per cent m-o-m to $263.0
billion in February, the highest level on record, while imports also jumped by 2.2
per cent m-o-m to $331.9 billion, the highest level since October 2022.
Year-to-date, the goods and services
deficit decreased by 2.8 per cent from the same period in 2023. Exports rose by
1.8 per cent, while imports increased by 0.8 per cent.