WASHINGTON (Kyodo) -- The U.S. deficit in global goods and services trade in February expanded 5.7 percent from the previous month to $62.32 billion as a weaker dollar helped lift imports to a new high, the Commerce Department said Thursday.
The politically sensitive deficit in goods and services trade with China dropped 9.6 percent to $18.36 billion, the lowest since March last year, but that with Japan was up 4.3 percent to $6.88 billion, the department said in a preliminary report.
The total deficit in goods and services trade grew in February from January's revised $58.96 billion for the second straight monthly rise. The latest figure was higher than the $57.5 billion widely expected by market players and analysts.
The global trade figures are measured on a balance-of-payments basis after seasonal adjustment, and the country-by-country and regional breakdown is based on unadjusted customs-cleared data.
The department said overall U.S. imports of goods and services rose 3.1 percent to an all-time high of $213.68 billion.
Imports of petroleum products were down 5.1 percent to $37.75 billion, sending the tradedeficit in petroleum products 7.9 percent lower to $32.51 billion.
The average import price per barrel of crude oil came to $84.76 in February, up from $84.09 the previous month, marking the highest level on record. The high oil price apparently dampened demand.
The goods tradedeficit with members of the Organization of Petroleum Exporting Countries declined 14.8 percent to $13.23 billion, with imports down 11.3 percent to $17.83 billion.
Overall U.S. exports of goods and services were up 2.0 percent to an all-time high of $151.36 billion on higher shipments of industrial supplies and materials, foods, feeds and beverages, and other goods.
As for the goods trade with China, exports fell 1.4 percent to $5.77 billion, and imports dropped 7.8 percent to $24.13 billion, the lowest since March 2007.
Exports to Japan were up 9.8 percent to $5.67 billion, and imports gained 6.7 percent to $12.54 billion.
The U.S. deficit in global goods trade widened 5.0 percent in February to $72.92 billion, while the services trade produced a record surplus of $10.60 billion, up 1.1 percent.
The U.S. surplus in goods trade with the four newly industrialized economies of Asia -- Hong Kong, South Korea, Singapore and Taiwan -- came to $645 million, compared with the prior month's deficit of $717 million.
The U.S. deficit with the European Union leaped 13.5 percent to $6.87 billion.
