U.S. Trade Deficit Shrinks 24.6 Percent

America’s trade deficit, a month after hitting an all-time high, narrowed sharply in February even though the peso’s problems pushed the trade gap with Mexico to a record level.

The deficit in goods and services declined by 24.6 percent in February to $9.01 billion as U.S. exports rose by 2.7 percent to the second-highest level in history while imports dropped by 2 percent.

The $2.94 billion improvement reflected a rebound in sales of civilian aircraft and a drop in demand for imported autos, toys and other consumer goods as the U.S. economy slowed from last year’s breakneck pace.

For February, the United States ran up a record deficit of $1.25 billion with Mexico. Meanwhile, America’s deficit with Japan narrowed to $4.71 billion as U.S. exports climbed to a record high of $5.03 billion.