US deficit in February wider than expected
By Martin Crutsinger |
April 14, 2010, Wednesday
|
Print Edition
Print Edition
THE United States trade deficit widened more than expected in February as a small gain in exports to the highest level in 16 months was offset by a bigger jump in imports, reflecting increased demand for consumer goods.
The wider deficit was a sign of a rebounding US economy. Economists expect the trade deficit to rise this year but hope expanding exports will continue to lift the fortunes of domestic manufacturers.
The Commerce Department reported yesterday that the deficit for February increased 7.4 percent to US$39.7 billion. That was larger than the US$38.5 billion deficit economists had expected. Exports edged up 0.2 percent while imports rose 1.7 percent.
The February deficit was the highest since December and followed a revised US$36.95 billion imbalance in January.
The deficit with China fell to US$16.5 billion in February, its lowest in 11 months.
China reported last week that it registered a trade deficit with the world of US$7.24 billion in March, its first trade deficit in six years. While China contended the gap showed it was making progress in shifting to more balanced growth, some economists expected the Chinese deficits to be short-lived.
US Treasury Secretary Timothy Geithner made a surprise stop in Beijing last week on his way back from India, raising speculation the Chinese government may be moving closer to allowing further appreciation of the yuan.
In February, the US deficit with Japan rose to US$4.3 billion, up 28.3 percent, while the deficit with the European Union surged by 89.9 percent to US$5.3 billion.
The wider deficit was a sign of a rebounding US economy. Economists expect the trade deficit to rise this year but hope expanding exports will continue to lift the fortunes of domestic manufacturers.
The Commerce Department reported yesterday that the deficit for February increased 7.4 percent to US$39.7 billion. That was larger than the US$38.5 billion deficit economists had expected. Exports edged up 0.2 percent while imports rose 1.7 percent.
The February deficit was the highest since December and followed a revised US$36.95 billion imbalance in January.
The deficit with China fell to US$16.5 billion in February, its lowest in 11 months.
China reported last week that it registered a trade deficit with the world of US$7.24 billion in March, its first trade deficit in six years. While China contended the gap showed it was making progress in shifting to more balanced growth, some economists expected the Chinese deficits to be short-lived.
US Treasury Secretary Timothy Geithner made a surprise stop in Beijing last week on his way back from India, raising speculation the Chinese government may be moving closer to allowing further appreciation of the yuan.
In February, the US deficit with Japan rose to US$4.3 billion, up 28.3 percent, while the deficit with the European Union surged by 89.9 percent to US$5.3 billion.
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