U.S. trade deficit in goods slips for first time in three months after setting record

U.S. trade deficit in goods declines for first time in three months

The numbers: The U.S. trade deficit in goods fell slightly in February to $106.6 billion to mark the first decline in three months, but the gap stayed near an all-time high and is unlikely to fall dramatically in the near future.

Imports have flirted repeatedly with record highs over the past year, largely because the U.S. economy recovered rapidly from the pandemic and Americans could afford to resume their free-spending ways. Big picture: Bigger U.S. trade deficits subtract from gross domestic product, the official scorecard for the economy.

The biggest wild cards? The fallout from the Ukraine conflict and latest Chinese lockdowns after a Covid outbreak. These events could disrupt trade flows and perhaps cause a temporary dropoff in imports. Exports of American-made goods rose 1.2% to $157.2 billion in February and were just below a record high. Auto exports fell.

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