US trade deficit in February $49.4B vs. $53.8B est.
The U.S. goods and services deficit with its global trading partners fell to $49.4 billion, its lowest level since June 2018 and well below estimates, the Commerce Department reported Wednesday.
The decline was due in large part to a 28.2 percent decrease in its goods deficit with China as exports to the nation surged. Exports to China rose $1.6 billion to $9.2 billion while imports fell $1.5 billion to $39.3 billion. That brought the total deficit with China to $30.1 billion. On a year-to-date basis, the goods and services deficit fell 7.6 percent, or $8.3 billion, from the same period in 2018. Exports rose $11.1 billion, or 2.7 percent, while imports increased $2.8 billion, or 0.5 percent.
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