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US trade deficit shrinks in March 2023 as exports rise, imports fall

28 Apr '23
1 min read
Pic: Shutterstock
Pic: Shutterstock

Insights

  • US trade deficit in goods for March narrowed to $84.6 billion, down from $92 billion in February, as exports of goods rose by $4.9 billion and imports of goods fell by $2.5 billion.
  • Wholesale inventories were estimated at $919.9 billion, up 0.1 per cent from February, and retail inventories were estimated at $773.4 billion, up 0.7 per cent from February.
US’ trade deficit in goods narrowed to $84.6 billion in March 2023, down from $92 billion in the previous month, according to the latest report from the US Department of Commerce. The exports of goods for March 2023 were $172.7 billion, an increase of $4.9 billion from February 2023. Meanwhile, imports of goods for March decreased by $2.5 billion, totalling $257.3 billion.

Furthermore, the wholesale inventories for March were estimated at $919.9 billion, up 0.1 per cent from February 2023, and 9.3 per cent higher than in March 2022. The January 2023 to February 2023 percentage change was unrevised from the preliminary estimate of up 0.1 per cent, according to the Monthly Advance Economic Indicators Report.

The retail inventories for March were estimated at $773.4 billion, up 0.7 per cent from February 2023, and 8.4 per cent higher than in March 2022. The January 2023 to February 2023 percentage change was revised from up 0.2 per cent to up 0.3 per cent.

ALCHEMPro News Desk (DP)
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