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April 13, 2010    

US trade deficit widens in February

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by Kay Murchie

The Commerce Department today announced the US trade deficit widened to $39.7 billion (£20.8 billion) in February, as imports continued to outperform exports.

The deficit was marginally higher than the $38.5 billion the market had forecast.

According to official figures, imports totalled $182.9 billion - up 20.5% compared with a year ago, driven by consumption.

Meanwhile, exports were worth $143.2 billion - up 14.3% on a year earlier with growth driven by manufacturing.

On a monthly basis, imports were up 1.72%, while exports rose 0.21%.

Following the news, the US dollar lost 0.41% against the yen at 92.87.

In related news today, the Office for National Statistics (ONS) has reported that the UK’s trade gap narrowed in February, due to a recovery in exports.

According to the ONS, goods exports surged 9.5% in February, following on from a wintry January which affected trade.

The ONS said the February deficit on goods trade narrowed to £6.17 billion, down from £7.52 billion in January and the smallest goods deficit since in almost four years.

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