The United States in March saw its trade deficit shrink to as trade in goods and services totaled $58.2 billion, or 4.9 percent of the Gross Domestic Product, from $61.7 billion in February. The deficit in goods trade was $68.6 billion, down from $72.1 billion in February. Imports in March dropped by 2.9 percent to $206.7 billion, the highest monthly rate of decline since December 2001. Imports of crude oil fell even as the average price for the month jumped to a record $89.85 a barrel, because the volume of petroleum imports was the lowest since February 2007. Total exports decreased by 1.7 percent to $148.5 billion, driven by a decline in sales of commercial aircraft, autos and petroleum products. It was the first monthly decline since February 2007. But U.S. exports for March reached the second-highest monthly total ever, following a record high of $151.1 billion in February. Petroleum products, China imports and automotive products combined for about 98 percent of the total trade deficit. Petroleum products accounted for $30.4 billion of the monthly trade gap, compared to $32.2 billion in February. The trade deficit with China was $16.1 billion in March, down from $18.4 billion in February, and the lowest since March 2006. The trade gap with the European Union grew by 9.1 percent to $7.5 billion during the month and increased slightly with Canada to $6.5 billion.
Journal of Commerce
