US trade deficit shrinks in March 2023 as exports rise, imports fall

28 Apr 23 1 min read

Insights

  • US trade deficit in goods for March narrowed to $84.6 billion, down from $92 billion in February, as exports of goods rose by $4.9 billion and imports of goods fell by $2.5 billion.
  • Wholesale inventories were estimated at $919.9 billion, up 0.1 per cent from February, and retail inventories were estimated at $773.4 billion, up 0.7 per cent from February.
US’ trade deficit in goods narrowed to $84.6 billion in March 2023, down from $92 billion in the previous month, according to the latest report from the US Department of Commerce. The exports of goods for March 2023 were $172.7 billion, an increase of $4.9 billion from February 2023. Meanwhile, imports of goods for March decreased by $2.5 billion, totalling $257.3 billion.

Furthermore, the wholesale inventories for March were estimated at $919.9 billion, up 0.1 per cent from February 2023, and 9.3 per cent higher than in March 2022. The January 2023 to February 2023 percentage change was unrevised from the preliminary estimate of up 0.1 per cent, according to the Monthly Advance Economic Indicators Report.

Advertisement

The retail inventories for March were estimated at $773.4 billion, up 0.7 per cent from February 2023, and 8.4 per cent higher than in March 2022. The January 2023 to February 2023 percentage change was revised from up 0.2 per cent to up 0.3 per cent.

Fibre2Fashion News Desk (DP)

Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.

Latest News

Category Tags

TextileApparel Fashion RetailE-commerce TechnologySustainability View More

Popular News

Textiles
China’s apparel exports to Russia up; fabric down in Jan-March
Apparel
AI-driven tech can revolutionise global fast fashion industry: Study
Textiles
South Indian cotton yarn prices stable with optimism for future demand
Technology
World Textile Sourcing adopts WFX ERP for digital transformation
Textiles
ICE cotton gains driven by short covering, crop concerns in US, Brazil
Apparel
US’ TJX Companies’ net sales rise 6% to $12.5 bn in Q1 FY25