adminThe decline, which came after the trade deficit widened a sharp 16,7 percent in January, surprised analysts who had projected a deficit of US$44,7 billion.
A big factor in the narrowing trade gap was a more than 5 percent drop in crude oil imports, to US$23,6 billion.
The overall trade patterns, excluding oil, suggested the trade gap will still deliver a further hit to US gross domestic product growth, said Jim O’Sullivan, chief US economist at High Frequency Economics.
US exports grew 0,8 percent to US$186 billion, strengthened by exports of industrial goods (up 4,5 percent) and automobiles (up 1,6 percent).
Meanwhile, US imports held at US$228,9 billion.
“Encouragingly, real goods exports are up at a 4,5 percent annual rate so far in Q1, a turnaround from -5,5 percent in Q4,” O’Sullivan said.
But US imports of foreign automobiles rose 4,6 percent between January and February, hitting US$24,8 billion. – AFP..
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