America’s trade deficit reached $68.9 billion in February, the highest disparity in almost a year. The Hill reports import values exceeded exports by more than analysts were expecting.
The total value of imports hit $331.9 billion, while exports were $263 billion, and the overall deficit rose 1.9 percent during the month.
February trade data shows a year-to-year decline of $729 million in the foods, feeds, and beverages category of national exports. Soybean exports dropped by $1.9 billion, wheat dropped by $429 million, and dairy products by $97 million.
Republicans on Capitol Hill have expressed frustration with what they call an unambitious trade strategy and inadequate initiatives undertaken by U.S. Trade Representative Katherine Tai. While they expect trade fluctuations, Republican senators wrote to Tai saying the current sharp decline in America’s agricultural exports is directly attributable to a trade strategy that doesn’t meaningfully expand market access or reduce barriers to trade.