US foreign trade deficit edges past forecasts in February

America's shortfall on trade with the rest of the world edged past forecasts in February.

According to the US Department of Commerce, in seasonally adjusted terms, the US foreign trade deficit dipped by 0.1% month-on-month to reach $89.2bn.

That was a slightly worse outcome than the -$88.6bn deficit that economists had been expecting.

Exports of goods and services rose at a 1.8% pace on the month to reach $228.6bn while imports were up by 1.3% at $317.8bn.

Goods exports increased by $2.8bn, bolstered by a $1.5bn rise in those of pharmaceutical preparations.

Exports of Travel services meanwhile grew by $1.2bn.

Goods imports meanwhile were up by $1.7bn, led by a $1.9bn jump in those of crude oil.