India, April 3 -- 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.
Economists had expected the trade deficit to fall to $123.5 billion from the $131.4 billion originally reported for the previous month.
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, part...