US trade deficit widens 2.7% in February to $70.5 billion

By Ovunc Kutlu

ISTANBUL (AA) — The US trade deficit widened $1.9 billion, or 2.7%, to $70.5 billion in February, according to data released Wednesday by the Commerce Department's Census Bureau.

The expectation for the figure was to come in at $69 billion, while the January figure was revised to $68.7 billion from $68.3 billion, according to the figures.

Exports totaled $251.2 billion, $6.9 billion less than January exports, while imports were $321.7 billion -- $5 billion less than January imports.

"The February increase in the goods and services deficit reflected an increase in the goods deficit of $2.7 billion to $93.0 billion and an increase in the services surplus of $0.8 billion to $22.4 billion," the Census Bureau said in a statement.

Annually, the goods and services deficit in February fell $35.5 billion, or 20.3%, from the same period last year. While exports increased $49.5 billion, or 10.8%, imports rose $14 billion, or 2.2%, year-on-year.