U.S. DEFICIT $43.6 BLN
USDC - U.S. Secretary of Commerce Wilbur L. Ross, Jr. issued the following statement today on the release of the February 2017 U.S. International Trade in Goods and Services monthly data. In February 2017, the trade deficit stood at $43.6 billion compared to $45.6 billion in February 2016. In February 2017, exports of goods and services stood at $192.9 billion, compared to $180.7 billion in February 2016. In February 2017, imports of goods and services stood at $236.4 billion, compared to $226.3 billion in February 2016.
"While we've seen an improvement in the trade figures between January and February, we continue to be very focused on eliminating our nation's trade imbalance," said Secretary Ross. "Just last week, President Trump issued two executive orders, the first of which directs Commerce to lead a comprehensive review of our trade deficits and foreign violations of trade our trade rules. The second provides a mechanism by which we will collect all duties from importers who are cheating. This administration is determined to achieve free and fair trade, to protect hard working Americans, and to grow our economy."
The seasonally adjusted trade deficit in February stood at $43.6 billion, down from $48.2 billion in January, a decrease of $4.6 billion or 9.6 percent. Exports increased $.4 billion from $192.5 billion in January to $192.9 billion in February. Imports decreased $4.3 billion from $240.7 billion in January to $236.4 billion in February.
The increase in exports of goods was driven by consumer goods which increased $.7 billion to $17.1 billion and military and other goods which increased $.5 billion to $4.9 billion. The decrease in imports of goods were driven by consumer goods which decreased $3.1 billion to $49.0 billion and automotive vehicles, parts and engines which decreased $2.6 billion to $29.1 billion. There was a services surplus for the month of $21.4 billion.
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PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.
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WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.
REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.