The US trade deficit narrowed slightly in February from a record-high previous month as export growth topped that of imports.
- The gap fell to $106.6 billion in prior months, the second-widest on record, from $107.6 billion in January. The average estimate in a Bloomberg survey of economists estimated a $106.5 billion deficit.
- Exports rose 1.2% to $157.2 billion, led by an increase in consumer goods, foods, feeds, and industrial supplies.
- The value of imports jumped 0.3%, the smallest since July, to $263.7 billion, limited by the largest plunge in inbound shipments of motor vehicles in a year.
The Commerce Department’s figures showed US wholesale inventories rose 2.1% as retail inventories jumped 1.1%.
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Source: US Census Bureau