The US trade deficit fell to $45.8 billion in February from $47 billion in January according to the US Census Bureau and the US Bureau of Economic Analysis, through the Department of Commerce. Total February exports of $165.1 billion and imports of $210.9 billion resulted in a goods services deficit of $45.8 billion in February.
Month-over-month, the goods deficit fell $1 billion to $59.3 billion in February, while the services surplus increased $0.3 billion to $13.6 billion. The US deficit in goods and services increased $6 billion from February 2010 to February 2011 as exports rose $20.5 billion or 14.2 percent, and imports were up $26.6 billion or 14.4 percent.
The January to February decrease in exports of goods reflected the most significant decreases in automotive vehicles, parts and engines ($1 billion) and industrial supplies and materials ($0.6 billion)-which include iron and steel mill products and steelmaking materials.
The most notable January to February decreases in imports of goods also reflected declines in automotive vehicles, parts and engines ($2.3 billion) as well as industrial supplies and materials ($1.4 billion).