Trade Deficit Unexpectedly Shrinks In March
The advance trade report broke a string of increasing goods deficits in March, shrinking 10.3%.
The international trade deficit in goods was $68.0 billion in March, down $7.8 billion from $75.9 billion in February.
- Exports of goods for March were $140.1 billion, $3.4 billion more than February exports.
- Imports of goods for March were $208.1 billion, $4.4 billion less than February imports.
The advance report only covers goods. The full report, out later, covers goods and services. Since services are the stronger component of US trade balances, it is safe to assume the overall deficit shrank in March.
This report will add a few ticks to the GDP but it's really a case of too little, too late to matter much.
This economic report is the final report before the advance GDP estimate for the first quarter, published tomorrow.
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