The goods and services trade deficit in the United States decreased by 6.1% from the previous month to reach $122.7 billion in February, the Census Bureau and the Bureau of Economic Analysis (BEA) revealed in the report released on Thursday.

In the reported month, exports increased by $8 billion compared to January to reach $278.5 billion, while imports dropped by $100 million to stand at $401.1 billion.

On an annual basis, the goods and services deficit was up by 86% or $117.1 billion, with imports growing by 21.4% or $141 billion and exports advancing by 4.6% or $24 billion.