Foreign Trade Deficit Broke A Record In USA
The foreign trade deficit broke a record in the USA. The country’s imports and exports declined.
The US Department of Commerce announced foreign trade data for February. According to the data released, the country’s foreign trade deficit increased by 4.8 percent compared to the previous month in February, reaching 71.1 billion dollars.
The foreign trade deficit, which rose above expectations and broke a record, was estimated to be 70.5 billion dollars in the said period. In January, this data was 67.8 billion dollars.
USA’s exports decreased by 2.6 percent in February compared to the previous month and decreased to 187.3 billion dollars. Its imports, on the other hand, decreased by 0.7 percent in the same period and fell to 258.3 billion dollars.
Trade Deficit With China Increased
In this period, the trade deficit of the USA with China and Canada, whose relations were unstable, increased, while the trade deficit with Mexico decreased.
The country’s trade deficit with China rose by 11.4 percent in the given month compared to the previous month, reaching $ 30.3 billion. US exports to China were 10.4 billion dollars in this period, while imports from the country were recorded as 40.6 billion dollars.
The trade deficit of the USA with Canada increased by 122 percent in February to 4 billion dollars. The country’s foreign trade deficit with Mexico decreased by 42.9 percent to 6.8 billion dollars.
Other trade partners with a deficit in the USA during the said period include the European Union (19 billion dollars), Germany (5.3 billion dollars), Japan (4.5 billion dollars), Italy (3.2 billion dollars), France (2.7 billion dollars), Taiwan (2.4 billion dollars), South Korea (2.3 billion dollars) and India (1.7 billion dollars).