US trade deficit narrows in March

US trade gap narrowed in March as exports rebounded to over USD 190 billion, official data showed Tuesday. The Department of Commerce indicated that total March exports of USD 193.9 billion and imports of USD 234.3 billion resulted in a goods and services deficit of USD 40.4 billion, down from USD 41.9 billion in February. It added that March exports were USD 3.9 billion more than February exports of USD 190 billion, whereas March imports were USD 2.5 billion more than February imports of USD 231.8 billion. In March, the goods deficit decreased USD 0.6 billion from February to USD 60.7 billion and the services surplus increased USD 0.9 billion from February to USD 20.4 billion. The goods and services deficit increased USD 3.8 billion from March 2013 to March 2014. Exports were up USD 9.2 billion or five percent and imports were up 5.9 percent reaching USD 13 billion. The data showed that the March figures show surpluses with Hong Kong, Barzil, Australia and Singapore while deficits were recorded with China, European Union, Japan, Germany, OPEC, Mexico, Saudi Arabia, Canada, India, Venezuela, Ireland and South Korea