U.S. trade deficit widens despite export gains

The U.S. trade deficit in February grew to 5.7 percent from the previous month to $62.3 billion, the highest level since last November, despite continued strength in export activity, the Commerce Department announced.

The monthly reported showed U.S. exports increased 20.8 percent from February 2007 to a record $151.4 billion, while imports increased 16.4 percent to $213.7 billion, also a record. The Census Bureau report blamed rising petroleum costs as the primary reason for the 7 percent increase in the trade deficit, year-over-year.

February exports were up $3 billion and imports increased $6.3 billion from January. 

Source: American Shipper