The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $71.1 billion in February, up $3.3 billion from $67.8 billion in January, revised.
February exports were $187.3 billion, $5.0 billion less than January exports. February imports were $258.3 billion, $1.7 billion less than January imports.
Both exports and imports decreased in February.
Exports are down 10.0% compared to February 2020; imports are up 5.0% compared to February 2020.
The second graph shows the U.S. trade deficit, with and without petroleum.
Note that net, imports and exports of petroleum products are close to zero.
The trade deficit with China increased to $24.6 billion in February, from $16.0 billion in February 2020.