U.S. trade deficit falls amid drop in imports, exports
Wednesday, 13 April 2011, 17:13 IST
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Washington: The U.S. trade deficit declined 2.6 percent in February to $45.8 billion, compared with $47 billion the previous month, the commerce department said. While U.S. exports fell 1.4 percent to $165.12 billion, imports were also down, slipping 1.7 percent to $214.5 billion. Import prices have increased by more than 1 percent a month for six months in a row and by 97.7 percent since March 2010, according to the commerce department figures. The volume of US oil imports dropped to a 12-year low in February, when global crude prices averaged $89.50 per barrel, well short of this month's level of $110 a barrel. The U.S. bill for oil imports shrank from $24.51 billion in January to $21.13 billion in February.
Source: IANS
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