After the 2018-2019 rebound in the US Trade Balance to a three year low (as Trump 'adjusted' US-China's relationship), the trade deficit has surged from the start of the pandemic to the latest data in February, at $71.1 billion - the largest trade deficit in US history (from a revised $67.8 billion a month earlier). This was slightly worse than the expected $70.5 billion deficit.
A decline in exports exceeded a drop in the value of imports during the month as severe winter weather disrupted two-way trade.
Imports fell 0.7% in Feb. to $258.33b from $260.06b in Jan.
Exports fell 2.6% in Feb. to $187.25b from $192.23b in Jan.
Interestingly, the US trade balance for petroleum products fell back into deficit in February after being in surplus (a net exporter) since Feb 2020...
Specific country highlights include:
The deficit with China increased $3.1 billion to $30.3 billion in February.
Exports decreased $4.5 billion to $10.4 billion and imports decreased $1.5 billion to $40.6 billion.
The deficit with Canada increased $2.2 billion to $4.0 billion in February.
Exports decreased $0.5 billion to $23.7 billion and imports increased $1.7 billion to $27.7 billion.
The deficit with Mexico decreased $5.1 billion to $6.8 billion in February.
Exports increased $2.1 billion to $22.8 billion and imports decreased $3.0 billion to $29.6 billion.
Merchandise imports have been pouring into the nation’s ports, leading to shipping container shortages that have driven up freight rates and left domestic producers scrambling at a time when inventories are lean.