U.S. foreign trade deficit little changed in March, consumer goods imports strong
By Alexander Bueso
Date: Thursday 02 May 2024
(Sharecast News) - America's shortfall on trade with the rest of the world was little changed in March, as both exports and imports suffered large declines.
According to the U.S. Department of Commerce, the trade deficit in goods and services dipped by 0.1% month-on-month to reach $69.4bn.
Economists had forecast a deficit of -$69.4bn.
Exports shrank 2.0% to reach $257.6bn, whilst imports were down by 1.6% at $327bn.
Goods exports fell by $5.1bn to $171.3bn, led by a $1.2bn decline in those of civilian aircraft, a fall of $0.9bn in sales of nonmonetary gold and a $1.3bn drop in those of foods, feeds and beverages.
On the import side of the equation, goods purchases from overseas fell by $4.3bn to $263.8bn, as those of automotive vehicles cratered by $4.7bn.
Consumer goods imports on the other hand jumped by $3.0bn, spearheaded by pharmaceuticals and cell phones.
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