Trade Deficit Narrows on Drop in Oil Imports

The U.S. trade deficit shrank by 3.4% in February, as demand for imported crude oil fell, the Commerce Department said Friday.

The gap between imports and exports fell to $43 billion from an upwardly revised $44.5 billion in January, Commerce said.

Economists had projected a $44.6 billion deficit for February, Bloomberg News reported.

Imports were little changed at $228.9 billion, while exports increased 0.8% to $186 billion.

Crude oil imports fell in February to the lowest level in 17 years, Bloomberg reported.