Deficit shrinks more than expected as demand for imports falls by the sharpest rate in over 6 years.
The nation's trade gap narrowed in March, as a weakened U.S. economy led to the sharpest decline in Americans' demand for foreign imports in more than six years, according to a government report released Friday.
The Commerce Department said the March trade deficit came in at $58.2 billion, versus a revised $61.7 billion in February. A consensus of economists forecast the gap would shrink to $61.3 billion, according to Briefing.com.
U.S. exports for the month fell 1.7% to $148.5 billion from February's $151.1 billion.
The decline in exported goods and services was the first since April 2007, but was dragged down by a momentary lull in volatile airplane exports. Plane manufacturer Boeing (BA, Fortune 500) is the nation's largest exporter.
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