The U.S. trade deficit significantly narrowed in March with rising exports, shrinking by 9.1% to $64.2 billion. February's data was revised to show the trade gap widening to $70.6 billion instead of the previously reported $70.5 billion. Exports rose by 2.1% to $256.2 billion, with goods exports increasing by 3.1% to $174.3 billion. Crude oil exports rose by $2.5 billion, boosting shipments and supplies of industrial materials.
Exports of cars, parts, and engines also increased. Service exports rose by $0.1 billion to a record level of $81.8 billion, driven by travel and transportation activity. Imports, on the other hand, decreased by 0.3% to $320.4 billion, with goods imports down 0.5% to $260.9 billion.
