Trade Deficit Soars; Export Sales Decline: Huge Drop In Exports Cause Deficit to Climb
The United StatesÛª merchandise trade deficit accelerated to $11.4 billion last month, its worst showing since September, as export sales showed their largest decline since 1978, the Commerce Department reported yesterday.</br></br>The steep 7.7 percent fall in American overseas sales overwhelmed a 1.3 percent dip in imports caused mainly by a sharp drop in purchases of petroleum products.</br></br>ÛÏThis deterioration in exports took place across most of the indus- I trial spectrum and tends to confirm ' -a trend that has occurred over the -" last five months. The isolated 1 -growth in exports that occurred in Û¢ . January was an exception to that . Û¢ trend,Û said Jerry Jasinowski, chief ? economist for the National Associ- * * ation of Manufacturers.	I</br></br>FebruaryÛªs splash of red ink was . ÐÊ $1.2 billion higher than the January - ' trade deficit and is running "well above the $9.3 billion average monthly shortfall during 1984Ûªs final quarter,Û Commerce Secretary. Malcolm Baldrige said.</br></br>He had predicted a $140 billion trade deficit for the year. Last year the deficit hit a record $123.3 billion.