U.S. Trade Gap Narrows More Than 12%

America's trade deficit declined to $46 billion in February from a revised $52.5 billion in January, the Dept. of Commerce reports.

Imports, which hit a record high in January, fell 2.7% in February to $227.2 billion, the biggest drop since February 2009. Crude oil imports fell 16.7% as prices and volume dropped the latter to a 15-year low of 226 million barrels. Imports of autos and auto parts dropped 4% to $24 billion.

Exports edged up 0.1% to a record $181.2 billion, boosted by sales of capital equipment. Automotive exports slid 6% to $11.9 billion.

U.S. exports to the European Union rose 6.7% despite Europe's shaky economy. The U.S. trade deficit with China plunged 25.6% to $19.4 billion, the lowest level in 11 months.