U.S. COMMERCE TRADE REPORT OMITS FREIGHT COSTS The Commerce Department said on that insurance and freight costs for imported goods of 1.45 billion dlrs were included in the February trade deficit of 15.1 billion dlrs reported on Tuesday. The department is required by law to wait 48 hours after the initial trade report to issue a second report on a "customs value" basis, which eliminates the freight and insurance charges from the cost of imports. Private-sector economists emphasized that the Commerce Department was not revising down the deficit by 1.45 billion dlrs but simply presenting the figures on a different basis. A report in the Washington Post caused a stir in the foreign exchanges today because it gave the impression, dealers said, that the underlying trade deficit for February had been revised downward. The Commerce department would like to have the law changed to permit it to report both sets of figures simultaneously. "My feeling is the second one is a better report but there's legislation that requires us to delay it two days," said Robert Ortner, Commerce undersecretary for economic affairs. "But this has been going on for a long time and no one pays any attention to the second figure." The 15.1 billion dlr February trade deficit compared with a revised January deficit of 12.3 billion dlrs. The law requiring a 48-hour delay in publishing the monthly trade figure excluding freight and insurance was passed in 1979. Reportedly the feeling was the first figure, which includes customs, freight and insurance, allowed a better comparison with other countries that reported their trade balances on the same basis. The second figure, which would always be lower by deducting freight and insurance, presents the deficit in a more favorable light for the Reagan administration. Ortner said he would like to see the law changed to eliminate the 48-hour delay in reporting the two figures. "We're considering it," he said, "It's one of those dinosaur laws and I think it's time has come." The second figure, which would always be lower by deducting freight and insurance, presents the deficit in a more favorable light for the Reagan administration. Ortner said he would like to see the law changed to eliminate the 48-hour delay in reporting the two figures. "We're considering it," he said, "It's one of those dinosaur laws and I think its time has come."