April 7 (UPI) -- The U.S. trade deficit increased by $3.3 billion in February to $71.1 billion, a record high, according to figures released by the Commerce Department on Wednesday.
The total was greater than the $70 billion deficit projected by many economists. The deficit increased by almost 5% from the $68 billion revised figures from January.
The goods and services deficit increased in February by $56.5 billion, or 69%, over the same month in 2020. Exports decreased about $36 billion and imports rose $20 billion, the report said.
The three-month moving average for goods and services deficit increased by $700 million (to $68.6 billion) at the end of November, the department noted.
The deficit has been increasing on a monthly basis since reaching a three-year low in February 2020.
The department said the U.S. deficit with China and Canada increased $3.1 billion and $2.2 billion, respectively, in February. The deficit with Mexico declined $5.1 billion.