USA: modest export growth in January-Feburary
- The US trade deficit narrowed marginally in February to $45.8bn. The small drop was mostly linked to the oil balance
- Between Q4 and January-February, real exports grew more modestly than expected, whilst real imports bounced back very strongly
- As a result, we are revising our forecast for Q1 GDP growth from 3¼% to 2¾%
The US trade deficit (trade of goods and services) narrowed marginally to $45.8bn in February from 47.0bn in January (revised from 46.3bn) but was above consensus expectations ($44.0bn). The drop – following quite some widening between November and January – was mostly linked to the trade balance for petroleum products. Excluding petroleum products, the trade deficit was almost flat m-o-m: $19.9bn in February, against $20.1bn in January.