February U.S. Trade Deficit Grew to $57.3 Billion

While U.S. exports grew, imports continued to surge more rapidly, causing a growing U.S. trade deficit in February of $57.3 billion, almost 5% above the January figures. The growing trade imbalance is driven chiefly by the “goods deficit,” which jumped by $2.5 billion in February. Traditionally the U.S. runs a surplus in services, but even that saw a February decline of $0.2 billion. Since the beginning of the current fiscal year in October, the U.S. trade deficit rose to more than $1 trillion in just five months.