The US trade deficit in goods and services rose by 4.8% in February, reflecting an increase in the goods deficit of US$2.8bn and a decline in the services surplus of $0.5bn.
The deficit amounted to US$71.1bn in February, up $3.3bn from $67.8bn in January, revised, according to trade statistics released by the Department of Commerce. Exports were $187.3bn – $5bn less than January exports – while imports were $258.3bn, $1.7bn less than those in January.
The increase saw the trade deficit reach a record high, international trade law firm Sandler, Travis & Rosenberg (ST&R) said.
Year-to-date, the goods and services deficit increased $56.5bn, or 68.6%, from the same period in 2020. Exports fell $36.2bn or 8.7%, while imports were up $20.3bn or 4.1%.
The February increase in the goods and services deficit reflected a rise in the goods deficit of $2.8bn to $88bn and a decrease in the services surplus of $0.5bn to $16.9bn.
The largest deficit was recorded with China at $30.3bn, followed by the European Union at $19bn, and Mexico at $6.8bn. Deficits were also recorded with Germany ($5.3bn), Japan ($4.5bn), Canada ($4bn), Italy ($3.2bn), France ($2.7bn), Taiwan ($2.4bn), South Korea ($2.3bn), and India ($1.7bn).
Surpluses for the month of February, meanwhile, were recorded with South and Central America ($3.7bn), Brazil ($1.4bn), Hong Kong ($1.2bn), Singapore ($0.6bn), United Kingdom ($0.2bn), and Saudi Arabia ($0.1bn).