US foreign trade deficit edges past forecasts in February

According to the US Department of Commerce, in seasonally adjusted terms, the US foreign trade deficit dipped by 0.1% month-on-month to reach $89.2bn.

That was a slightly worse outcome than the -$88.6bn deficit that economists had been expecting.

Exports of goods and services rose at a 1.8% pace on the month to reach $228.6bn while imports were up by 1.3% at $317.8bn.

Goods exports increased by $2.8bn, bolstered by a $1.5bn rise in those of pharmaceutical preparations.

Exports of Travel services meanwhile grew by $1.2bn.

Goods imports meanwhile were up by $1.7bn, led by a $1.9bn jump in those of crude oil.