U.S. Trade Gap Narrowed in February as Coronavirus Spread
April 02 2020 - 8:14AM
Dow Jones News
By Harriet Torry and David Harrison
WASHINGTON -- The U.S. trade deficit in goods narrowed sharply
in February, as the spread of the novel coronavirus disrupted
international trade flows.
The foreign-trade gap in goods and services contracted 12.2%
from the prior month to a seasonally adjusted $39.93 billion in
February, the Commerce Department said Thursday.
That was the smallest deficit since September 2016. Economists
surveyed by The Wall Street Journal had expected a trade deficit of
$40.0 billion.
Imports decreased 2.5% in February. Exports, meanwhile, fell
0.4% to $207.54 billion from January's $208.31 billion. Exports of
consumer goods like pharmaceuticals, travel, transport and
financial services fell.
Trade has been volatile in recent months as the coronavirus
pandemic has shuttered factories and businesses around the world
and disrupted supply chains. U.S. Exports have been hurt by the
halt in production of Boeing Co.'s troubled 737 MAX jetliner since
January and a drop in oil prices.
As February began, the U.S. had reported only seven coronavirus
cases, and started to impose entry restrictions on foreign
nationals and quarantines on Americans returning from the Chinese
province at the center of the virus outbreak. By the end of
February, there were 64 confirmed cases in the U.S, and airlines
were suspending flights.
Write to Harriet Torry at harriet.torry@wsj.com and David
Harrison at david.harrison@wsj.com
(END) Dow Jones Newswires
April 02, 2020 08:59 ET (12:59 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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