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US trade deficit shrinks in February with slight rise in exports
US exports of goods and services in February reached a value of US$192.9 billion, slightly more than January at $192.5 billion, and up from $180.7 billion in February 2016, the US Commerce Department said.
Imports of goods and services for February reached $236.4 billion, down from $240.7 billion for January, but up from $226.3 billion for February 2016.
The seasonally adjusted trade deficit for February stood at $43.6 billion, down from $48.2 billion for January, a decrease of $4.6 billion or 9.6 per cent, American Shipper reported.
The department noted the increase in exports was driven by consumer goods, which increased $700 million to $17.1 billion; and military and other goods, which increased $500 million to $4.9 billion. The decrease in imports of goods was seen among consumer goods, which decreased $3.1 billion to $49 billion; and automotive vehicles, parts and engines, which decreased $2.6 billion to $29.1 billion.
There was a services surplus for the month of $21.4 billion, the department said.
"While we've seen an improvement in the trade figures between January and February, we continue to be very focused on eliminating our nation's trade imbalance," said Commerce Secretary Wilbur Ross, in a statement.
Imports of goods and services for February reached $236.4 billion, down from $240.7 billion for January, but up from $226.3 billion for February 2016.
The seasonally adjusted trade deficit for February stood at $43.6 billion, down from $48.2 billion for January, a decrease of $4.6 billion or 9.6 per cent, American Shipper reported.
The department noted the increase in exports was driven by consumer goods, which increased $700 million to $17.1 billion; and military and other goods, which increased $500 million to $4.9 billion. The decrease in imports of goods was seen among consumer goods, which decreased $3.1 billion to $49 billion; and automotive vehicles, parts and engines, which decreased $2.6 billion to $29.1 billion.
There was a services surplus for the month of $21.4 billion, the department said.
"While we've seen an improvement in the trade figures between January and February, we continue to be very focused on eliminating our nation's trade imbalance," said Commerce Secretary Wilbur Ross, in a statement.
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