The nominal trade deficit widened in February as exports declined while imports rose slightly. The decline in exports was mainly a result of a drop in exports of industrial supplies and materials, including petroleum products and nonmonetary gold. The increase in imports was led by higher imports of autos and a jump in payments of royalties and license fees for the right to broadcast the 2014 Winter Olympic Games. Year-over-year growth in U.S. trade with the rest of the world remained sluggish. Following a sharp drop during the recession and a strong postrecession bounceback, both exports and imports have been virtually stagnant during the past two years.
