2023-05-04 16:16:09
US exports increased 2.1% to $256.2 billion
The US trade deficit narrowed sharply in March as exports increased, which might lead to trade continuing to contribute to economic growth in the second quarter.
The US Department of Commerce said today, Thursday, that the trade deficit shrank 9.1% to $64.2 billion. February data was revised to show the trade gap widening to $70.6 billion instead of $70.5 billion as previously reported.
Exports increased 2.1% to $256.2 billion. Goods exports increased 3.1% to $174.3 billion. Crude oil exports rose $2.5 billion, boosting shipments, supplies and industrial materials.
Exports of cars, spare parts and engines also rose. Services exports also increased by $0.1 billion, to a record $81.8 billion, driven by travel and transportation.
As for imports, they fell 0.3% to $320.4 billion, with goods imports declining 0.5% to $260.9 billion.
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