A decline in imports eased the nation's goods deficit in March which
came in much better than expected, at $68.0 billion and well under
February's revised $75.9 billion.
Imports fell 2.1 percent with
declines nearly across the board including a sharp 3.1 percent drop for
capital goods and a 2.3 percent dip for consumer goods. Tariffs on steel
and aluminum were imposed in March but there's no clear evidence of its
effects in the initial data though imports of industrial supplies did
fall 1.9 percent.
Exports have been very solid and rose 2.5
percent in March with gains led by a 4.0 percent jump in capital goods,
which is the nation's key strength, and an 8.5 percent burst for food
products.
After today's report, net exports don't look to be as
much of a challenge for tomorrow's first-quarter GDP results as had been
expected.
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