The Commerce Department released a report on Thursday showing the U.S. trade deficit narrowed in the month of February after soaring to a record high in January.
The report said the trade deficit decreased to $122.7 billion in February after spiking to a revised $130.7 billion in January.
The smaller trade deficit came as the value of exports shot up by 2.9 percent to $278.5 billion in February after jumping by 1.5 percent to $270.5 billion in January.
The surge by the value of exports came amid sharp increases in exports of nonmonetary gold, capital goods and automotive vehicles, parts, and engines.
Meanwhile, the value of imports was virtually unchanged at $401.1 billion after spiking by 10.0 percent to $401.2 billion in January.
The value of imports came in nearly flat as a steep drop in imports of industrial supplies and materials offset increases in imports of consumer goods and capital goods.
The report also said the goods trade deficit fell to $147.0 billion in February from $155.8 billion in January, while the services trade surplus dipped to $24.3 billion in February from $25.2 billion in January.