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By Martin Crutsinger
April 13, 2010 (The Associated Press) — The U.S. trade deficit widened more than expected in February as a small gain in exports to the highest level in 16 months was offset by a bigger jump in imports, reflecting increased demand for consumer goods from televisions to clothing… Exports edged up 0.2 percent [to $143.2 billion] while imports jumped 1.7 percent [to $182.9 billion].

The Commerce Department reported Tuesday that the deficit for February increased 7.4 percent to $39.7 billion. That was larger than the $38.5 billion deficit economists had expected…

Economists expect the trade deficit to rise this year but hope that expanding exports will continue to lift the fortunes of American manufacturing companies…

The February deficit was the highest since December and followed a revised $36.95 billion imbalance in January.

In the first two months of this year, the deficit is running at an annual rate of $459.9 billion, up 21.5 percent from the $378.6 billion imbalance recorded in 2009. That had been the smallest trade gap in eight years, reflecting the severe U.S. recession that depressed demand for imports…

President Barack Obama last month set a goal of doubling exports within five years as a way to create 2 million U.S. jobs. Economists view that target as ambitious but they do think a rebounding global economy and a further decline in the dollar, especially against the Chinese yuan, would help spark demand for U.S. goods.

[source]

Goldtoday

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