Growing Number of Imports Contributes to Record Deficit
The United States trade deficit grew more than expected in February to a record $61 billion.
Growing numbers of imports of textiles and clothing were a big factor as well as high oil prices.
A New York Times article says:
“American exports showed little growth and failed to offset the surge in imports, as the trade deficit rose 4.3 percent, from $58.5 billion in January, the department said. Wall Street economists had been expecting the deficit to rise to $59 billion, according to Bloomberg News.
Some economists have warned that the growing trade deficit could push up interest rates by depressing the value of the dollar against other currencies.”
Though the deficit as a whole grew, the deficit with China fell to $13.9 billion, from $15.3 billion in January.
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