WASHINGTON – The U.S. international trade deficit retreated by $1.2 billion to $45.8 billion in February, the first decline in four months, the Commerce Department reported Tuesday.
Exports and imports both declined while the average price for an imported barrel of oil continued to surge higher. January’s trade deficit was revised higher to $47.0 billion from $46.3 billion reported last month.
Exports slipped by $2.4 billion to $165.1 billion led by a decline in autos and parts. It was the first decline in exports in six months. February’s $47.2 billion in exports of services was the highest on record.
Imports fell by $3.6 billion to $210.9 billion as imports of autos and capital goods declined. Consumer goods imports increased to $47.2 billion, a record high.
Economists polled by Thomson Reuters expected a $44.0 billion deficit, according to the median estimate.
The average price for a barrel of crude oil increased for the fifth straight month to $87.17, the highest since October 2008. The average barrel price has increased $15.08 since its 2010 low of $72.09 reached in July. The average price for 2010 was $74.66.
However, February’s quantity of crude oil imports dropped to 242 million barrels, the lowest level since February 1999. The U.S. imported 291 million barrels of oil in January.
The U.S. trade deficit with China was $18.8 billion, down from $23.3 billion in January.
The U.S. had a $495.9 billion trade deficit in the fourth quarter of 2010. For the quarter, trade contributed 3.27 percentage points to gross domestic product growth.
