US trade deficit jumps 4.8% to $71.1 billion in February
Source: AP
By MATT OTT
SILVER SPRING, Md. (AP) — The U.S. trade deficit grew to a record $71.1 billion in February as a decline in exports more than offset a slight dip in imports, with severe weather taking much of the blame from analysts, who were expecting a slightly lower gap.
The coronavirus pandemic has stifled global trade for more than a year, but those barriers appear to be falling as millions of people get vaccinated and countries start easing operating restrictions for businesses. Total trade after two months of 2021 is just 1.8% behind where it was at this point last year, before the global economy was blindsided by the pandemic.
The February gap between what America buys from abroad compared to what it sells abroad jumped 4.8% above the revised January deficit of $67.8 billion, the Commerce Department said Wednesday.
The increase reflected a 2.6% decline in exports of goods and services to $187.3 billion on a seasonally adjusted basis. That wiped out a 0.7% decline in imports, which ticked down from January’s record high of $260.1 billion.
Crew members stand on the bow as the CMA CGM Argentina arrives at PortMiami, the largest container ship to call at a Florida port, Tuesday, April 6, 2021, in Miami. The U.S. trade deficit grew to $71.1 billion in February, as a decline in exports more than offset a slight dip in imports. The February gap between what America buys from abroad compared to what it sells abroad jumped 4.8% the revised January deficit of $67.8 billion.vThe increase reflected a 2.6% decline in exports of goods and services to $187.3 billion on a seasonally adjusted basis. (AP Photo/Lynne Sladky)
Read more: https://apnews.com/article/global-trade-36fe0d9c64d11b1e8800f1b3a030f733
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