Currency falls lead Asian countries to import fewer goods
The markets may have responded positively because of the contribution made by the Asian economic crisis to the deficit. Many welcome the Asian recession because it takes the heat out of the US economy.
However, the BBC economics correspondent says the figures contain mixed messages for those looking to blame the recent economic turmoil.
Because, although the Asian economies are buying less and exporting more goods after devaluing their currencies, the US has only limited trade with those at the heart of the recession, apart from South Korea. And, although US trade with South Korea is down so are exports to Hong Kong, Singapore and Taiwan, which have been less affected by the financial turmoil.
The biggest deficits are with China and Japan with nearly half the increase in the overall trade gap caused by a fall in exports to China, possibly a sign of a slowdown in Chinese economic growth.
Japan's trade surplus is still rising, according to latest figures. The domestic economy is stagnant causing imports to slump, down 15% in February on the previous year.
In comparison with Japanese stagnation, the continued dynamism of the US may mean American firms find it easier to sell at home instead of pursuing exports.