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02 Apr 2020 | 13:46

US foreign trade deficit narrows more sharply than expected due to China lockdown

(Sharecast News) - America's shortfall in trade with the rest of the world narrowed sharply in February as Chinese exports slowed amid the impact from the Covid-19 pandemic. According to the Department of Commerce, in seasonally adjusted terms, the US trade deficit in goods and services shrank from -$45.3bn for January to -$39.9bn in March - to its smallest in over three years.

Economists had penciled-in a deficit of -$43.8bn.

In comparison to January, exports dipped by 0.4% to $207.5bn, while imports fell 2.5% to $247.5bn.

The deficit on trade in goods with China meanwhile fell to $16bn on a non-adjusted basis, reaching its narrowest level since 2009.

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