News Column

Trade Gap Closed More Than Expected in March

May 2, 2013
cargo ship

The U.S. trade deficit narrowed for the second consecutive month in March, the Bureau of Economic Analysis said.

After a decline of $2.4 billion in February to a downwardly revised $43.6 billion, the bureau said the trade gap shrank by $4.8 billion to $38.8 billion in March.

The gap closed as with exports down by $1.7 billion compared to February and imports off by $6.5 billion compared to the previous month.

Economists had expected the trade gap to shrink, but only to $42 billion.

As per usual, the trade balance included a deficit in goods and a surplus in services. For March, the trade gap in goods trading dropped by $4.6 billion to $56.1 billion, while the surplus in services rose by $200 million to $17.3 billion.

Among major trading partners, the trade gap with China dropped from $23.4 billion in February to $17.9 billion in March. With the Organization of Petroleum Exporting Countries, the gap increased from $3.6 billion to $4.5 billion.

The trade deficit with the European Union rose from $8.8 billion to $9.9 billion, and with Japan it rose from $5.9 billion to $6.6 billion, the bureau said.




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Source: Copyright UPI 2013


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