U.S. March Trade Deficit Unexpectedly Narrows to $62 Billion
May 12 (Bloomberg) -- The U.S. trade deficit unexpectedly narrowed in March for a second month as companies shipped more commodities and business equipment abroad, a government report showed. Imports declined.
The gap in goods and services trade shrank to $62 billion, the smallest since August, from February's $65.6 billion, the Commerce Department reported today in Washington. Economists forecast a $67 billion deficit in March, according to the median estimate in a Bloomberg News survey of economists. The March deficit with all nations was less than even the lowest estimate in a Bloomberg News survey of 70 economists. Forecasts ranged from $63.5 billion to $70 billion. Economists expected a wider trade gap in part because of higher energy prices. Crude oil on the New York Mercantile Exchange averaged $62.97 a barrel in March, up from $61.93 in February. The Commerce Department's report showed that the average price for a barrel of imported crude oil declined to $52.26 from $53.72.
