U.S. trade deficit shrinks again in February to lowest level in 8 months
The numbers: The nation’s trade deficit fell 3.4% in February to the lowest level in eight months, buoyed by higher exports of autos and airplanes and a smaller gap with China and Europe. Yet it’s unclear if the recent downtrend is sustainable.
Exports of autos and pharmaceutical drugs, meanwhile, rose by nearly $600 million apiece compared to January levels. Notably, the value of crude oil imports rose even though the number of barrels entering the U.S. fell to the lowest level since 1992. The increase in the value of shipment reflects rising oil prices.It’s always hard to read trade patterns with China early on because the Asian country’s extended new-year holiday has a massive effect on the timing of shipments, but the festering trade dispute with the U.S. and tit-for-tat tariffs have added to the complications.
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