The US trade deficit drifted lower in March despite record imports from Mexico and a drop in total exports, the Commerce Department reported Thursday. The goods gap with the European Union rose 19 percent to $11.2 billion in March.
Imports fell in March because of reduced spending on civilian aircraft, computers, oil and cars. Imports were also down, falling 0.7 percent to $234.7 billion.
Exports decreased 0.9 percent to $191 billion, the biggest drop since October, led by energy, autos and pharmaceuticals. Exports of other food products led the increase with a gain of 11.9 per cent to a record $1.4 billion, boosted by exports of yellow peas and red lentils to India. Exports and imports both grew by 7.1%. What might Trump target next?
The nation's number-crunchers revealed that exports increased 3.8% in March, more than twice the 1.7% growth in imports. Volumes slipped by 0.2 percent while prices advanced by 1.9 percent.
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Statistics Canada said higher imports of metal and non-metallic mineral products, industrial machinery, equipment and parts, and motor vehicles and parts were the main contributors. Exports of goods fell last month compared to February, reflecting lower sales overseas of oil, cars and civilian aircraft, but are rising over a broader period.
The decrease in the goods and services deficit reflected an increase in the goods deficit of $0.4 billion to $65.5 billion and an increase in the services surplus of $0.4 billion to $21.8 billion.
Exports to the United States edged up 0.1 per cent to $34.4 billion, while imports from the United States increased 2.0 per cent to $30.4 billion.
The U.S. trade deficit eased very slightly in March as services exports growth outstripped a decline in exports, the Census Bureau and the Bureau of Economic Analysis announced.