WASHINGTON — The U.S. international trade gap widened to $57.6 billion in February, a wider gap than the $56.7 billion deficit expected and the largest since October 2008, data released by the Commerce Department Thursday morning showed.
The wider trade gap reflected an increase in exports, but a larger rise in imports.
The revised Census goods gap reported Thursday was narrower than the advance estimate of $76.5 billion, coming in at $75.9 billion.
The overall BOP goods gap widened slightly to $77.0 billion from $76.7 billion in January, while the services surplus shrunk modestly to $19.4 billion from $20.0 billion in January.
The chained goods gap narrowed modestly to $69.1 billion from $70.0 billion in January.
The petroleum gap widened mildly to $7.4 billion in February from $7.2 billion in January, with imports up slightly more than exports. The nonpetroleum gap barely widened to $68.5 billion from $68.3 billion.
Imports of foods, feeds, and beverages, industrial supplies, and capital goods were the highest on record for the Census Basis, which propelled total February imports of goods to be the highest on record ($212.5 billion).
Imports were up in the month, with increases seen in all major categories. There was a $1.8 billion increase in capital goods led by a $500 million jump in civilian aircraft imports.
Industrial supply imports saw an $800 million rise. The main contributor to the rise was crude oil, seeing a rise of $700 million.
Exports rose on a $2.0 billion rise in industrial supplies, particularly on nonmonetary gold (+$600 million), and a $0.9 billion increase in auto vehicles, parts, and engines exports. The only decline seen was in consumer goods (-$800 million), driven by a drop in pharmaceutical preparations exports (-$600 million).
The unadjusted bilateral trade gap with China narrowed to -$29.3 billion in February from -$36.0 billion in January, but wider than the -$23.0 billion a year ago. There were also narrower gaps with Canada (-$400 million), Japan (-$5.5 billion), and the EU (-$12.0 billion) while the gaps with Mexico widened (-$6.1 billion).
