By Bob Willis April 13 (Bloomberg) -- The trade deficit in the U.S. widened in February more than anticipated as imports climbed, adding to evidence of a rebound in economic growth. The gap increased 7.4 percent to 39.7 billion from a revised $37 billion the prior month, the Commerce Department said today in Washington. Imports climbed 1.7 percent as Americans bought more computers and televisions made abroad, while exports rose to the highest level since October 2008. The need to replenish depleted inventories and gains in consumer spending mean purchases of goods and services from overseas will keep growing in coming months. Exports will probably also advance as global growth accelerates, giving companies Caterpillar Inc. to Dow Chemical Co. a boost. “The primary driver of the widening trade deficit is the American consumer who lately is feeling more confident and starting to spend again on foreign goods,” Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, said before the report. “Overseas markets are seeing a resumption of growth as well.” After eliminating the influence of prices, which are the numbers used to calculate gross domestic product, the trade deficit grew to $42.5 billion from $40.9 billion in January. The average for the first two months of the year is about the same as in the prior quarter, indicating trade will have little influence on growth figures. Consumer Goods Purchases of foreign-made goods increased to $182.9 billion as demand for consumer goods, including televisions, toys, pharmaceuticals and clothing climbed to the highest level since October 2008. With the economy generating 162,000 jobs in March, the most in three years, U.S. consumers are beginning to spend more freely after the first back-to-back annual declines in purchases since the 1930s. That spending will probably continue to drive import growth. U.S. companies are beginning to replenish inventories after last year’s record drawdown, also boosting demand for foreign- made goods and materials. Efforts to stabilize inventories accounted for two-thirds of the 5.6 percent growth rate in the fourth quarter of 2009. Crude Oil The number of barrels of imported crude oil fell in February to the lowest level since February 1999, today’s report showed. After adjusting the figures for seasonal variations, the value of oil imports climbed. Exports increased 0.2 percent to $143.2 billion, led by growing foreign demand for engines and semiconductors. An $821 billion drop in civilian-aircraft deliveries to buyers overseas, an often volatile category, limited the overall gain. Sales of U.S.-made goods are getting a boost from growing demand in China and other expanding economies. The U.S. surplus with newly industrialized countries, including Korea, Singapore and Taiwan, reached a record $2.2 billion as exports grew. The surplus with Brazil also climbed. A growing world energy market is also boosting sales of U.S. made chemicals and drilling equipment. Dow Chemical, the largest U.S. chemical maker, is benefiting from recovering growth in markets such as Brazil, where large discoveries of oil have been made. Lower Dollar An 11 percent drop in the value of the dollar against a trade-weighted basket of currencies from the nation’s biggest trading partners from a five-year high reached in March 2009 is also helping spur foreign demand. President Barack Obama has said the U.S. needs to focus on expanding exports and investment rather than depend on consumer spending as in the past. He plans to increase government-backed export financing for small businesses by 50 percent, to $6 billion a year. Today’s report showed the trade gap with China decreased to $16.5 billion, the lowest since March 2009, from $18.3 billion in the prior month. Americans imported the fewest Chinese-made goods in almost a year. China reported April 11 that it posted a trade deficit of $7.24 billion in March, the first in six years. It still showed a $9.9 billion surplus with the U.S. China’s trade numbers were released three days after U.S. Treasury Secretary Timothy F. Geithner met in Beijing with Chinese Vice Premier Wang Qishan amid rising pressure from American lawmakers for action to allow its currency, the yuan, to gain in value and rein in a U.S. trade gap that was $227 billion last year.

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