US: Goods trade deficit increased to $75.4bn - Nomura

According to the advance report from the Census Bureau, the US goods trade deficit in February increased to $75.4bn, from $75.3bn, above expectations (Nomura: $74.0bn, Consensus: $74.4bn), points out the research team at Nomura.

Key Quotes

“Goods exports rebounded in February as expected, but imports also picked up. Exports of industrial supplies, capital goods and autos increased moderately, while exports of consumer goods and foods, feeds & beverages declined. For imports, most categories showed a decent increase except for “other goods.” The advance report on wholesale inventories showed a strong 1.1% m-o-m increase in February and a 0.2pp upward revision to January’s inventory accumulation (to 1.0%). Retail inventories grew at a 0.4% m-o-m pace, a slightly deceleration from the 0.7% pick-up in the previous month.”