Washington, DC, April 12--Continued U.S. consumer demand for imported goods and a further surge in textile imports from China boosted the trade deficit to $61.0 billion in February, a 4.3% jump from January and the largest deficit on record, the Commerce Department said.
The February trade gap was larger than economists had forecast. Economists expected the trade deficit to widen to $58.5 billion in February, according to a MarketWatch survey.
The January trade deficit was also larger than initially estimated. The department revised the January trade deficit to $58.5 billion, compared with the previous estimate of $58.3 billion.
The widening trade deficit in February was fueled by a 1.6% rise in imports of goods and services, which totaled a record $161.5 billion in the second month of the year. Read full government release.
Exports were essentially flat, rising 0.1% at a record $100.5 billion.
Imports of goods alone rose 1.7% to $135.9 billion. Although imports of petroleum were the second largest on record, the rise in imports was not just oil. Imports of non-petroleum products were a record $117.4 billion in February.
Imports of consumer goods rose 2.0% in February, led by drugs, clothing and toys.
Exports of goods alone rose 0.1% to $71.2 billion. Increased exports of industrial supplies and consumer goods were offset by declines in exports of capital goods and farm products.
