The USA trade deficit narrows from record level in February

The U.S. Department of Commerce released February commodity trade balance data.

Accordingly, the goods trade deficit narrowed to $106.6 billion from $107.6 billion last month. This was recorded as the second highest level.

The median estimate of economists surveyed by Bloomberg was $106.5 billion.

During this period, exports rose 1.2 percent to $157.2 billion, driven by an increase in exports of consumer goods, food and petroleum products.

Imports, on the other hand, increased by 0.3 percent to $263.7 billion in this period, the lowest increase since July.

In addition, wholesale stocks increased by 2.1 percent on a monthly basis in February, while the rise in retail stocks was 1.1 percent.