The U.S. trade deficit was narrower than feared in February, as domestic appetites for foreign-made cars and consumer goods were relatively temperate.
The deficit, which represents the difference between U.S. goods sold abroad and foreign goods imported to the U.S., was $65.74 billion in February, the Commerce Department said. That's down 4.1% from January's revised $68.59 billion deficit and narrower than the $67.5 billion gap foreseen by economists.
The narrowing was the result of a decrease in imports, to $178.7 billion from $182.9 billion in January. The amount of money spent on imported cars dropped by $1.3 billion, while spending on foreign-made capital equipment fell by $1.2 billion.
Overall, the deficit in petroleum products widened to $22.6 billion in February, from $22.5 billion in January.
Exports fell by 1.2% to $113 billion in February from the previous month.