The trade deficit in the US widened to $68.9 billion in February 2024, the highest in ten months, from an upwardly revised $67.6 billion gap in January and compared to forecasts of a $67.3 billion deficit. It reflected a decrease in the goods deficit of $0.3 billion to $91.4 billion and a decrease in the services surplus of $1.6 billion to $22.5 billion.Exports rose 2.3% to a record high of $263 billion, led by civilian aircraft, crude oil, soybeans, nonmonetary gold, travel and transport while shipments of passenger cars went down. Imports increased 2.2% to $331.9 billion, the highest since October 2022, with purchases rising for cell phones and other household goods, pharmaceutical preparations, travel, automotive vehicles, parts, and engines, transport and other foods. The goods deficit with China narrowed to $21.9 billion, the smallest in three months while the goods shortfall with Mexico widened to a record $15.3 billion.
