US goods trade deficit narrows sharply in boost to first-quarter GDP
The U.S. goods trade deficit narrowed sharply in March as imports tumbled, suggesting economic growth in the first-quarter was probably not as weak as currently anticipated.
The Commerce Department said in its advance report on Wednesday that the goods trade gap fell to $56.90 billion last month from $63.44 billion in February.
March’s comprehensive trade report, which includes services, will be released next Wednesday.
Goods imports fell 4.4 percent to $173.6 million last month, outpacing a 1.2 percent drop in exports. Read more