--US Feb trade gap -18.8% to $27.0 bln; smallest since Dec 1999
--US Feb goods/services imports -4.4%; exports +1.0%
--US January trade deficit unrevised at $33.3 bln
--US February goods trade gap $33.4 bln; January $39.5 bln
--US February oil imports -8.8%; non-oil imports -4.9%
--US February civilian aircraft exports +11.7%
--Ex-civilian aircraft, US February goods exports -0.9%
--US February trade gap with Japan $6.1 bln; January $5.9 bln
--US Feb trade gap with China $5.1 bln; lowest since Apr '99
--US February deficit with euro area $2.8 bln; Jan gap $4.3 bln
--US February deficit with OPEC nations $3.3 bln; Jan $4.2 bln
--US February imported crude petroleum $23.76/bbl; Jan $23.13

By Andrew Williams
Washington, April 18 (BridgeNews) - The U.S. trade deficit narrowed unexpectedly by 18.8% to $27.0 billion in February, the smallest gap since December 1999, as weakening demand for consumer goods dragged down imports.
Imports of goods and services tumbled $5.4 billion, their biggest drop since at least 1992, when the measure began. Exports, boosted by civilian aircraft shipments, climbed 1.0%. The deficit was well below analysts' projections of a $34.0 shortfall and January's $33.3 billion gap.
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The February trade deficit reflected a $33.4-billion gap in goods and a $6.4-billion surplus in services, the Commerce Department said Wednesday.
Exports rose as stronger demand abroad for civilian aircraft increased 11.7%, offsetting decreases in shipments of semiconductors.
Imports were led down by weaker demand for consumer goods, where declines were reported in artwork, antiques and stamp sales as well as toys, games and sporting goods and cotton apparel. However, imports of electricity surged 87.3%.

OIL
In February, imported crude averaged $23.76 per barrel, up from January's $23.13. Imports of crude fell 13.2% to $6.0 billion. Volume fell to an average 9.0 million barrels per day in February from 9.4 million the prior month.

IMPORTS
U.S. goods and services imports contracted 4.4% in February to $117.4 billion.
--Excluding petroleum, U.S. goods imports were down 4.9% to a seasonally adjusted $88.4 billion.
--U.S. automotive imports fell 0.9% to $22.6 billion.

EXPORTS
U.S. goods and services exports expanded 1.0% in February to $90.5 billion.
--Civilian aircraft exports rose 11.7% to $2.8 billion. But excluding sales of civilian aircraft, goods exports were 0.9% below January.
--Capital goods exports grew 0.5%.
--Shipments abroad of industrial supplies and materials were up 2.4%.

WHAT WAS EXPECTED
The February trade deficit was well below analysts' expectations, which ranged from $32.9 billion to $34.1 billion. The median estimate for the goods deficit was $39.7 billion, in a range of $32.5 billion to $40.5 billion.

US TRADE GAP WITH SELECTED COUNTRIES
The U.S. trade position improved with most key trading partners. The government does not seasonally adjust the bilateral trade statistics, so changes in the U.S. trade situation with individual countries do not fully reflect the overall data, which are seasonally adjusted.
The deficit with China shrank to $5.1--the smallest since April 1999. The gap with China was $7.2 billion in January.
The shortfall with Mexico also narrowed, to $1.5 billion from January's $2.1 billion.
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The deficit with the 11 euro-area countries was $2.8 billion in February, down from $4.3 billion one month earlier.
The gap with OPEC shrank to $3.3 billion from January's $4.2 billion. However, the politically sensitive U.S. trade gap with Japan widened to $6.1 billion from January's $5.9 billion. End
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