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The US trade deficit narrows slightly to $69.4 billion in March, but the gap remains wider than analysts anticipated – Copyright GETTY IMAGES NORTH AMERICA\/AFP\/File JUSTIN SULLIVAN<\/small><\/em><\/p>\nThe US trade deficit was wider than analysts anticipated in March \u2014 hovering close to the biggest in nearly a year \u2014 with exports and imports both declining, according to government data published Thursday.<\/p>\n
The trade gap came in at $69.4 billion, narrowing slightly from February\u2019s $69.5 billion figure \u2014 which had been revised larger, said the Commerce Department.<\/p>\n
Analysts had expected a figure of $69.0 billion, according to Briefing.com.<\/p>\n
While consumption has helped to support US trade, economists see trade flows easing ahead with cooler global demand and growth.<\/p>\n
Elevated interest rates in the United States could also weigh on demand in the country.<\/p>\n
On Wednesday, the US central bank held rates at a 23-year high to stamp out stubborn inflation.<\/p>\n
But for now, the \u201cwidening of the deficit in the first few months of the year is pointing to ongoing resilient domestic demand\u201d alongside a backdrop of weaker global demand, said economist Rubeela Farooqi of High Frequency Economics.<\/p>\n
She noted a \u201cjump in imports\u201d in the first quarter.<\/p>\n
For March, exports and imports were both lower.<\/p>\n
Exports fell by $5.3 billion to $257.6 billion, and imports receded $5.4 billion to $327.0 billion.<\/p>\n
In particular, goods exports dropped by $5.1 billion with a decline seen in capital goods like civilian aircraft, as well as industrial supplies and materials.<\/p>\n
Meanwhile, imports of goods declined on the back of lower shipments for passenger cars and other consumer goods, data showed.<\/p>\n
The slightly smaller deficit between February and March, however, came as an uptick in the services surplus outweighed a larger goods deficit, said the Commerce Department.<\/p>\n
The goods deficit with China was up $2.2 billion to $24.1 billion in March.<\/p>\n<\/p><\/div>\n
US trade gap wider than anticipated in March
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#trade #gap #wider #anticipated #March<\/p>\n","protected":false},"excerpt":{"rendered":"
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