The advance estimate of the U.S. trade deficit in goods narrowed to $59.88 billion in February from $65.90 in January. A $63.8 billion deficit had been expected in the Action Economics Forecast Survey.

Exports of goods increased 0.6% m/m (-1.6% y/y) in February following a 0.9% decline. The gain was led by a 5.0% increase in the "other" category which followed a 12.9% decline. Motor vehicles & parts exports also were strong, posting a 3.2% rise (2.1% y/y) on top of a 7.6% January increase. Industrial supplies exports rose 1.5% and recaptured the prior month's decline. Capital goods exports improved 0.5% (-5.6% y/y) following a 2.4% drop. Working the other way were consumer goods exports which fell 4.7% (-10.0% y/y) after a 0.8% rise. Foods, feeds & beverages exports which fell 0.6% (-0.7% y/y) following a 2.1% rise.

Imports of goods fell 2.4% (-7.7% y/y) following a 2.0% decline as most categories exhibited weakness m/m. Capital goods imports weakened 6.8% (-11.2% y/y) after slipping 0.8% in January. Industrial supplies & materials imports fell 3.8% (-10.1% y/y) as oil prices declined. Foods, feeds & beverages imports were off 3.1% both m/m and y/y following a 4.9% gain. Consumer goods imports declined 1.8% (-7.4% y/y) after edging 0.7% higher. Increasing by 4.9% (-4.8% y/y) were auto imports which reversed two months of decline. Imports of other goods also rose 4.9% (7.9% y/y) and recovered much of a 13.5% drop during January.

The advance international trade data can be found in Haver's USECON database. The expectation figure is from the Action Economics Forecast Survey, which is carried in AS1REPNA.