Lucia Mutikani. By
WASHINGTON (Reuters) – The US goods trade deficit narrowed in February after hitting a record high last month, reflecting a rebound in exports, but any pick-up in economic growth this quarter was attributed to inventory companies. Can be offset by a slowdown in speed. ,
The US Commerce Department said on Monday that the deficit fell 0.9% to $106.6 billion. Exports rose 1.2% to $157.2 billion. The recovery in exports was led by a 6.3% jump in consumer goods shipments.
Food exports grew by 3.6%, while industrial inputs grew by 2.6%. But automotive exports fell 3.4% as production continued to be hampered by global semiconductor shortages. Exports of capital goods and other goods also declined sharply.
Goods imports rose 0.3% to $263.7 billion.
While companies continued to replenish inventory in February, the pace was slower than in the final months of 2021. Wholesale inventory grew 2.1% after rising 1.1% in January. Retail inventory grew 1.1% in February after rising 1.9% in January.