The numbers: An early look at U.S. trade patterns in March points to a slight increase in the nation’s trade deficit at the end of the first quarter. The advance trade deficit in goods rose 0.7% to $71.4 billion, according to a government report. Economists polled by MarketWatch expected a $72 billion trade gap.
What happened: Both imports and exports rose in March, but imports rose at a faster pace. The gain in exports was led by agricultural products. Imports were driven higher by food, industrial supplies and autos. The decline in inventories could be a good sign. Companies are either selling goods at a faster clip or they are doing a better job of aligning inventories to sales.
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