US Trade Deficit Narrows in March, Imports Decline Mitigates Impact on Exports – Commerce Department Data

The Commerce Department’s Office of Economic Analysis said Thursday that the U.S. trade deficit edged up 0.1 percent to $69.4 billion.

The ministry updated February data to show that the trade deficit widened to $69.5 billion instead of $68.9 billion as stated in previous reports.

Economists polled by Reuters had expected the deficit to widen to $69.1 billion in March.

The trade item was a big burden on the GDP in the first quarter of the year due to the increase in imports.

Winma American economy At a rate of 1.6 percent on an annual basis in the last quarter after expanding at a pace of 3.4 percent in the period between October and December.

Imports fell 1.6 percent in March to $327.0 billion.

Merchandise imports fell about 1.6 percent to $263.8 billion, and the month also saw declines in imports of automobiles, spare parts, supplies, and industrial raw materials, which include crude oil .

Imports of personal goods amounted to about $3 billion, supported by pharmaceuticals. Imports of capital goods also rose to an unprecedented level.

Imports of services decreased by $1.1 billion to $63.2 billion, which was affected by the transport and travel sector.

Exports fell about two percent to $257.6 billion. Merchandise exports fell 2.9 percent to $171.3 billion.

Exports of capital goods, industrial supplies and materials, food, feed and beverages fell.

Exports of services also decreased by $0.2 billion to $86.4 billion.