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US trade deficit contracts 16.9 percent in February
(MENAFN) The US trade deficit contracted in February as both imports and exports sank, driven by a since-settled trade dispute and a global economic slowdown, Arab News reported.
The US Commerce Department said in a released data that the deficit plummeted 16.9 percent, reaching USD35.4 billion in the cited month, down from USD42.7 billion registered in January.
The sharp decrease reflects a USD10.2 billion drop in imports since January, likely due to cheaper oil prices and a since-resolved West Coast ports dispute that interrupted the flow of 20 percent of the imports.
The trade deficit has fallen 3.2 percent on year. Economists expect the deficit to widen further in 2015, as a growing US economy should fuel demand for imports while the stronger dollar reduces exports.
The US Commerce Department said in a released data that the deficit plummeted 16.9 percent, reaching USD35.4 billion in the cited month, down from USD42.7 billion registered in January.
The sharp decrease reflects a USD10.2 billion drop in imports since January, likely due to cheaper oil prices and a since-resolved West Coast ports dispute that interrupted the flow of 20 percent of the imports.
The trade deficit has fallen 3.2 percent on year. Economists expect the deficit to widen further in 2015, as a growing US economy should fuel demand for imports while the stronger dollar reduces exports.
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