The US trade deficit in goods and services fell again in February from a month earlier, to its lowest level in three years, as imports decreased more than exports.

The deficit amounted to US$39.9bn for the month, down 12.1% from a revised $45.5bn in January. Exports were $207.5bn, $0.8bn less than January, while imports were $6.3bn less at $247.5bn, according to trade statistics released by the Department of Commerce.

The largest deficits were recorded with China ($19.7bn), but this was a decrease of $4bn on January. Exports dropped $0.3bn to $7.5bn and imports by $4.2bn to $27.2bn.

Other deficits were recorded with the European Union ($12.6bn), and Mexico ($9.7bn). A deficit of $1.6bn was recorded with Canada.

International trade law firm Sandler, Travis & Rosenberg (ST&R), believes the declines in both exports and imports reflect the start of the coronavirus (Covid-19) slowdown. “[They are] likely due, in large part, to measures taken in response to the COVID-19 pandemic.”

Surpluses for the month of February were recorded with South and Central America ($5.9bn), Brazil ($1.9bn), Hong Kong ($1.5bn), and the UK ($1.3bn).

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