Trade Deficit Increased to $71.1 Billion in February

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $71.1 billion in February, up $3.3 billion from $67.8 billion in January, revised.

February exports were $187.3 billion, $5.0 billion less than January exports. February imports were $258.3 billion, $1.7 billion less than January imports.
emphasis added

U.S. Trade Exports Imports Click on graph for larger image.

Both exports and imports decreased in February.

Exports are down 10.0% compared to February 2020; imports are up 5.0% compared to February 2020.


Both imports and exports decreased sharply due to COVID-19, and have now bounced back (imports much more than exports),

The second graph shows the U.S. trade deficit, with and without petroleum.

U.S. Trade Deficit The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Note that net, imports and exports of petroleum products are close to zero.

The trade deficit with China increased to $24.6 billion in February, from $16.0 billion in February 2020.

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