With exports slumping by more than imports, the Commerce Department released a report on Wednesday showing the U.S. trade deficit widened more than expected in the month of February.
The report said the trade deficit increased to $70.5 billion in February from a revised $68.7 billion in January. Economists had expected the trade deficit to rise to $69.0 billion from the $68.3 billion originally reported for the previous month.
The bigger than expected trade deficit came as the value of exports plunged by 2.7 percent to $251.2 billion, while the value of imports tumbled by 1.5 percent to $321.7 billion.
