“The US trade deficit widened to USD 57.6 billion in February 2018 from an upwardly revised USD 56.7 billion in the previous month and above market expectations of USD 56.9 billion. It is the biggest trade gap since October 2008 as both exports and imports reached a record high.” (Trading Economics, April 12, 2018)
The American economy is booming and is sucking in imports at a record level.
The following table refers to the American goods and services trade with the rest of the world.
The U.S. typically earns a surplus on its services trade account and records deficits on its goods trading.
In February, total exports and imports each increased 1.7% from the previous month. Total exports rose to an all-time high of $204.5 billion, while imports also escalated to $262 billion.
In other words, the monthly total trade deficit increased to $57.6 billion in February.
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