TOKYO: The U.S. goods trade deficit with Japan shrank 14.6 percent in February from the previous month to $4.67 billion, partly due to a drop in imports of passenger cars, the Commerce Department said Tuesday.
The deficit with China narrowed 26.6 percent to $22.97 billion, the department said.
The data came as U.S. President Donald Trump is calling for “fair” trade and pledging efforts to reduce the U.S. trade deficit with countries such as China and Japan.
The United States is expected to raise the issue of trade imbalance when it and Japan hold the first round of a high-level economic dialogue in Tokyo in mid-April. U.S. Vice President Mike Pence and Japanese Deputy Prime Minister Taro Aso will take part in the talks.
As of last year, China was the country with which the United States generated its largest trade deficit, accounting for about half the total. Japan came second and Germany third.
The U.S. goods trade deficit with Germany contracted 9.2 percent in the reporting month to $4.44 billion, but the deficit with Mexico expanded 46.0 percent to $5.76 billion, according to the department.
Globally, the U.S. deficit in trade of goods and services narrowed 9.6 percent in February from the previous month to $43.56 billion for the first contraction in two months.
Exports rose 0.2 percent to $192.87 billion due partly to growth in exports of pharmaceuticals.
Imports fell 1.8 percent to $236.43 billion, reflecting a decrease in imports of automobiles and auto parts.
The average import price per barrel of crude oil stood at $45.25 in February, up from $43.94 in January.
The global trade figures are measured on a balance-of-payments basis after seasonal adjustment, and the country-by-country and regional breakdowns are based on unadjusted customs-cleared data.
