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The U.S. trade deficit narrowed by 12% in February on lower imports, including a big drop in crude oil imports, the Commerce Department reported Thursday.
The gap between imports and exports fell to $46 billion, from a revised $52.5 billion in January that was slightly lower than originally reported.
The trade gap was below economists’ forecasts of a $51.8 billion deficit, Bloomberg reported.
Imports fell 2.7% to $227.2 billion, the lowest since November and biggest percentage drop in three years. Oil imports fell to the lowest level since February 1997.
Exports edged up 0.1% to $181.2 billion, Commerce said.