The US trade deficit narrowed fractionally in March to $31.63 billion, with both imports and exports up slightly from February, the US commerce department said today, as the economy slowly recovers from a downturn last year.
In data that met analysts' expectations, the trade gap totaled $91.6 billion for the first three months of 2002, narrowing $3.7 billion from the same period in 2001, as a $36.2 billion decline in imports outstripped a $32.5 billion drop in exports.
The quarterly data suggests the US economy may not yet be performing at the same level as it was before it entered a mild recession beginning in March 2001.
"It's pretty much as expected," said Mr David Wyss, chief economist at Standard & Poor's in New York. "There's not a whole lot that's going to change my mind with how the economy is doing."
Mr Wyss said he expected a slight upward revision in first- quarter gross domestic product growth to an annual rate of 6.1 per cent, from the US government's current estimate of 5.8 per cent, because inventories have come in a little stronger than expected.
But he saw growth slowing to 4.5 per cent in the second quarter, as the economy continues unevenly to regain its footing from last year's downturn.
Imports in March totaled $110.82 billion, up slightly from February, but more than $10 billion below the March 2001 level of $121.53.
Exports were $79.19 billion, up slightly from February and down more than $9 billion from the March 2001 level of $88.48 billion. Exports of capital goods, autos and auto parts rose slightly in March, while imports of foods, feeds and beverages and industrial supplies and materials fell.