US trade deficit little changed in March

America imported fewer capital goods and industrial supplies last month leading to an unexpected reduction in the nation's trade deficit.

The total trade deficit on goods and services was -$43.7bn in March, down from -$43.8bn in the month before, according to the Department of Commerce.

Economists had penciled in a shortfall -$45.2bn.

February's tally was revised up from a preliminary estimate of -$43.6bn to -$43.8bn.

Services exports grew by $0.4bn to $64.7bn while imports of services slipped by $0.1bn to $42.9bn.

On the goods side of the equation, imports fell by $1.7bn to $191.8bn led by reduced purchases civilian aircraft (-$3.0bn) and computers (-$0.2bn). The US also sourced roughly $1.0bn less of industrial supplies from abroad; specifically, of crude oil and other petroleum products.

However, automobile imports increased by $1.0bn.

Exports of goods were also weaker, decreasing by $2.1bn to $126.3bn, with those of industrial supplies off by $1.8bn and foreign sales of auto and parts falling $0.9bn, although exports of telecommunications equipment grew by $0.4bn.