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US trade gap declines to 8M low in February

US trade gap declines to 8M low in February

Mubasher: The US trade deficit shrank to an eight-month trough in February, driven by higher exports of autos and aircraft.

The adjusted US trade balance deficit shrank 3.4% to $49.4 billion last February, from a revised $51.1 billion in January, according to data released by the Bureau of Economic Analysis (BEA).

US exports rose 1.1% to $209.7 billion in the second month of 2019, whereas imports rose 0.2% month-on-month or $600 million to $259.1 billion, mainly due to a surge in foreign-made cellphones and autos.

Crude imports saw a notable increase during the month, despite the number of barrels brought into the US fell to the lowest level in 26 years. This sheds light on the surge in oil prices.

Shipped vehicles, auto components, and engines rose by $600 million in February, while the value of exported airplanes climbed by $2.2 billion.

The politically sensitive trade deficit with China shrank by $3.1 billion to $30.1 billion.

By 1:44 pm GMT, the EUR/USD pair rose 0.17% to $1.1300.