US goods deficit drops much more sharply than expected in March

In seasonally adjusted terms, the USA´s deficit in its trading of goods with the rest of the world shrank from -$62.86bn in February to -$56.90bn in March, according to an advance estimate from the US Department of Commerce.

Economists had forecast a reading of -$62.5bn.

Exports declined by 1.6% month-on-month to reach $118.1bn but imports fell by an even steeper 4.3% to $173.63bn as purchases of foreign consumer goods fell by 9.1% over the month to $46.53bn.