Updated: 04-May-23 09:40 ET
|Updated: 04-May-23 09:40 ET
- The March trade deficit narrowed to $64.2 billion (Briefing.com consensus -$68.7 billion) from a downwardly revised $70.6 billion (from -$70.5 billion) in February.
- Exports were $5.3 billion more than February exports and imports were $1.1 billion less than February imports.
- Exports of industrial supplies and materials increased $3.9 billion with crude oil exports up $2.5 billion.
- Exports of automotive vehicles, parts, and engines increased $0.7 billion.
- Imports of capital goods decreased $1.9 billion.
- Imports of industrial supplies and materials decreased $1.4 billion.
- Imports of consumer goods increased $2.4 billion.
- The deficit with China decreased $2.3 billion to $22.9 billion, as exports increased $1.3 billion and import decreased $0.9 billion.
- The key takeaway from the report is that the relatively weak import activity in March is in keeping with a cooling down of the U.S. economy.